00000884982013-01-282013-01-280000088498sifks:S000034633Member2013-01-282013-01-280000088498sifks:S000034633Membersifks:C000106628Member2013-01-282013-01-280000088498sifks:S000034633Membersifks:C000106628Memberrr:AfterTaxesOnDistributionsMember2013-01-282013-01-280000088498sifks:S000034633Membersifks:C000106628Memberrr:AfterTaxesOnDistributionsAndSalesMember2013-01-282013-01-280000088498sifks:S000034633Membersifks:C000106629Member2013-01-282013-01-280000088498sifks:S000034633Membersifks:C000106630Member2013-01-282013-01-280000088498sifks:S000009771Member2013-01-282013-01-280000088498sifks:S000009771Membersifks:C000026844Member2013-01-282013-01-280000088498sifks:S000009771Membersifks:C000026844Memberrr:AfterTaxesOnDistributionsMember2013-01-282013-01-280000088498sifks:S000009771Membersifks:C000026844Memberrr:AfterTaxesOnDistributionsAndSalesMember2013-01-282013-01-280000088498sifks:S000009771Membersifks:C000026845Member2013-01-282013-01-280000088498sifks:S000009771Membersifks:C000026846Member2013-01-282013-01-280000088498sifks:S000009771Membersifks:C000063882Member2013-01-282013-01-280000088498sifks:S000009770Member2013-01-282013-01-280000088498sifks:S000009770Membersifks:C000026841Member2013-01-282013-01-280000088498sifks:S000009770Membersifks:C000026841Memberrr:AfterTaxesOnDistributionsMember2013-01-282013-01-280000088498sifks:S000009770Membersifks:C000026841Memberrr:AfterTaxesOnDistributionsAndSalesMember2013-01-282013-01-280000088498sifks:S000009770Membersifks:C000026842Member2013-01-282013-01-280000088498sifks:S000009770Membersifks:C000026843Member2013-01-282013-01-280000088498sifks:S000009770Membersifks:C000113456Member2013-01-282013-01-280000088498sifks:S000034632Member2013-01-282013-01-280000088498sifks:S000034632Membersifks:C000106625Member2013-01-282013-01-280000088498sifks:S000034632Membersifks:C000106625Memberrr:AfterTaxesOnDistributionsMember2013-01-282013-01-280000088498sifks:S000034632Membersifks:C000106625Memberrr:AfterTaxesOnDistributionsAndSalesMember2013-01-282013-01-280000088498sifks:S000034632Membersifks:C000106626Member2013-01-282013-01-280000088498sifks:S000034632Membersifks:C000106627Member2013-01-282013-01-280000088498sifks:S000034466Member2013-01-282013-01-280000088498sifks:S000034466Membersifks:C000105954Member2013-01-282013-01-280000088498sifks:S000034466Membersifks:C000105954Memberrr:AfterTaxesOnDistributionsMember2013-01-282013-01-280000088498sifks:S000034466Membersifks:C000105954Memberrr:AfterTaxesOnDistributionsAndSalesMember2013-01-282013-01-280000088498sifks:S000034466Membersifks:C000105955Member2013-01-282013-01-280000088498sifks:S000034466Membersifks:C000105956Member2013-01-282013-01-280000088498sifks:S000034631Member2013-01-282013-01-280000088498sifks:S000034631Membersifks:C000106622Member2013-01-282013-01-280000088498sifks:S000034631Membersifks:C000106622Memberrr:AfterTaxesOnDistributionsMember2013-01-282013-01-280000088498sifks:S000034631Membersifks:C000106622Memberrr:AfterTaxesOnDistributionsAndSalesMember2013-01-282013-01-280000088498sifks:S000034631Membersifks:C000106623Member2013-01-282013-01-280000088498sifks:S000034631Membersifks:C000106624Member2013-01-282013-01-280000088498sifks:S000034633Membersifks:CreditSuisseLeverageLoanIndexMember2013-01-282013-01-280000088498sifks:S000009771Membersifks:BarclaysCorporateHighYieldIndexMember2013-01-282013-01-280000088498sifks:S000009770Membersifks:BarclaysUSAggregateIndexMember2013-01-282013-01-280000088498sifks:S000009770Membersifks:BarclaysIntermediateUSGovernmentCreditIndexMember2013-01-282013-01-280000088498sifks:S000034632Membersifks:BankOfAmericaMerrillLynch3MonthTreasuryBillIndexMember2013-01-282013-01-280000088498sifks:S000034466Membersifks:BarclaysUSMunicipalLongBondIndexMember2013-01-282013-01-280000088498sifks:S000034631Membersifks:BarclaysUSAggregateIndexMember2013-01-282013-01-28iso4217:USDxbrli:pure4972012-09-30SECURITY INCOME FUND /KS/0000088498falsesifks2013-02-012013-02-012013-01-28<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><b>Floating Rate Strategies Fund</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>High Yield
Fund</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Investment
Grade Bond Fund (formerly, U.S. Intermediate Bond Fund)</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Macro Opportunities
Fund</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Municipal
Income Fund</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Total Return
Bond Fund</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6.75pt 0 0; background-color: white; text-align: justify"><b>INVESTMENT OBJECTIVE</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6.75pt 0 0; background-color: white; text-align: justify"><b>INVESTMENT OBJECTIVE</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6.75pt 0 0; background-color: white; text-align: justify"><b>INVESTMENT OBJECTIVE</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6.75pt 0 0; background-color: white; text-align: justify"><b>INVESTMENT OBJECTIVE</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6.75pt 0 0; background-color: white; text-align: justify"><b>INVESTMENT OBJECTIVE</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6.75pt 0 0; background-color: white; text-align: justify"><b>INVESTMENT OBJECTIVE</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Floating Rate Strategies Fund seeks to provide a high level of current income while maximizing total return.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
High Yield Fund seeks high current income. Capital appreciation is a secondary objective.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Investment Grade Bond Fund (formerly, U.S. Intermediate Bond Fund) seeks to provide current income.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Macro Opportunities Fund seeks to provide total return, comprised of current income and capital appreciation.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Municipal Income Fund (the &#147;Fund&#148;) seeks to provide current income with an emphasis on income exempt from federal income
tax, while also considering capital appreciation.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Total Return Bond Fund seeks to provide total return, comprised of current income and capital appreciation.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge
discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Family of Funds, as defined
on page 53 of the Fund&#146;s prospectus. More information about these and other discounts is available from your financial professional
and in the &#147;Sales Charge &#150; Class A Shares&#148; section on page 53 of the Fund&#146;s prospectus and the &#147;How
to Purchase Shares&#148; section on page 48 of the Fund&#146;s Statement of Additional Information.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge
discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Family of Funds, as defined
on page 53 of the Fund&#146;s prospectus. More information about these and other discounts is available from your financial professional
and in the &#147;Sales Charge &#150; Class A Shares&#148; section on page 53 of the Fund&#146;s prospectus and the &#147;How
to Purchase Shares&#148; section on page 48 of the Fund&#146;s Statement of Additional Information.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge
discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Family of Funds, as defined
on page 53 of the Fund&#146;s prospectus. More information about these and other discounts is available from your financial professional
and in the &#147;Sales Charge&#151;Class A Shares&#148; section on page 53 of the Fund&#146;s prospectus and the &#147;How
to Purchase Shares&#148; section on page 48 of the Fund&#146;s Statement of Additional Information.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge
discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Family of Funds, as defined
on page 53 of the Fund&#146;s prospectus. More information about these and other discounts is available from your financial professional
and in the &#147;Sales Charge &#150; Class A Shares&#148; section on page 53 of the Fund&#146;s prospectus and the &#147;How
to Purchase Shares&#148; section on page 48 of the Fund&#146;s Statement of Additional Information.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge
discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Family of Funds, as defined
on page 53 of the Fund&#146;s prospectus. More information about these and other discounts is available from your financial professional
and in the &#147;Sales Charge &#150; Class A Shares&#148; section on page 53 of the Fund&#146;s prospectus and the &#147;How
to Purchase Shares&#148; section on page 48 of the Fund&#146;s Statement of Additional Information.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge
discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Family of Funds, as defined
on page 53 of the Fund&#146;s prospectus. More information about these and other discounts is available from your financial professional
and in the &#147;Sales Charge &#150; Class A Shares&#148; section on page 53 of the Fund&#146;s prospectus and the &#147;How
to Purchase Shares&#148; section on page 48 of the Fund&#146;s Statement of Additional Information.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>FEES
AND EXPENSES OF THE FUND</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>FEES
AND EXPENSES OF THE FUND</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>FEES
AND EXPENSES OF THE FUND</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>FEES
AND EXPENSES OF THE FUND</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>FEES
AND EXPENSES OF THE FUND</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>FEES
AND EXPENSES OF THE FUND</b></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">SHAREHOLDER FEES<font style="color: #333333; line-height: 115%">&#160;<i>(fees
paid directly from your investment)</i></font></font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">SHAREHOLDER FEES<font style="color: #333333; line-height: 115%">&#160;<i>(fees
paid directly from your investment)</i></font></font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">SHAREHOLDER FEES<font style="color: #333333; line-height: 115%">&#160;<i>(fees
paid directly from your investment)</i></font></font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">SHAREHOLDER FEES<font style="color: #333333; line-height: 115%">&#160;<i>(fees
paid directly from your investment)</i></font></font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">SHAREHOLDER FEES<font style="color: #333333; line-height: 115%">&#160;<i>(fees
paid directly from your investment)</i></font></font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">SHAREHOLDER FEES<font style="color: #333333; line-height: 115%">&#160;<i>(fees
paid directly from your investment)</i></font></font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">ANNUAL FUND OPERATING EXPENSES<font style="color: #333333; line-height: 115%">&#160;<i>(expenses
that you pay each year as a percentage of the value of your investment)</i></font></font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">ANNUAL FUND OPERATING EXPENSES<font style="color: #333333; line-height: 115%">&#160;<i>(expenses
that you pay each year as a percentage of the value of your investment)</i></font></font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">ANNUAL FUND OPERATING EXPENSES<font style="color: #333333; line-height: 115%">&#160;<i>(expenses
that you pay each year as a percentage of the value of your investment)</i></font></font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">ANNUAL FUND OPERATING EXPENSES<font style="color: #333333; line-height: 115%">&#160;<i>(expenses
that you pay each year as a percentage of the value of your investment)</i></font></font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">ANNUAL FUND OPERATING EXPENSES<font style="color: #333333; line-height: 115%">&#160;<i>(expenses
that you pay each year as a percentage of the value of your investment)</i></font></font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">ANNUAL FUND OPERATING EXPENSES<font style="color: #333333; line-height: 115%">&#160;<i>(expenses
that you pay each year as a percentage of the value of your investment)</i></font></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>EXAMPLE</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>EXAMPLE</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>EXAMPLE</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>EXAMPLE</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>EXAMPLE</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>EXAMPLE</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">This
Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end
of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses
remain the same. Although the actual costs may be higher or lower, based on these assumptions your cost would be:</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">This
Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end
of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses
remain the same. Although the actual costs may be higher or lower, based on these assumptions your cost would be:</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">This
Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end
of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses
remain the same. Although the actual costs may be higher or lower, based on these assumptions your cost would be:</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">This
Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end
of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses
remain the same. Although the actual costs may be higher or lower, based on these assumptions your cost would be:</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">This
Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end
of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses
remain the same. Although the actual costs may be higher or lower, based on these assumptions your cost would be:</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">This
Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end
of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses
remain the same. Although the actual costs may be higher or lower, based on these assumptions your cost would be:</p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>Redeemed</b></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>Redeemed</b></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>Redeemed</b></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>Redeemed</b></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>Redeemed</b></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>Redeemed</b></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>Not Redeemed</b></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>Not Redeemed</b></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>Not Redeemed</b></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>Not Redeemed</b></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>Not Redeemed</b></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>Not Redeemed</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><b>PORTFOLIO TURNOVER</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><b>PORTFOLIO TURNOVER</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><b>PORTFOLIO TURNOVER</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><b>PORTFOLIO TURNOVER</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><b>PORTFOLIO TURNOVER</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><b>PORTFOLIO TURNOVER</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held
in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s
performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 61% of the average value of its portfolio.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held
in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s
performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 55% of the average value of its portfolio.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held
in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s
performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 52% of the average value of its portfolio.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held
in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s
performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 46% of the average value of its portfolio.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held
in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s
performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 121% of the average value of its
portfolio.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held
in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s
performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 69% of the average value of its portfolio.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; background-color: white; text-align: justify"><b>PRINCIPAL INVESTMENT STRATEGIES</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; background-color: white; text-align: justify"><b>PRINCIPAL INVESTMENT STRATEGIES</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; background-color: white; text-align: justify"><b>PRINCIPAL INVESTMENT STRATEGIES</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; background-color: white; text-align: justify"><b>PRINCIPAL INVESTMENT STRATEGIES</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; background-color: white; text-align: justify"><b>PRINCIPAL INVESTMENT STRATEGIES</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; background-color: white; text-align: justify"><b>PRINCIPAL INVESTMENT STRATEGIES</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund will normally invest at least 80% of its assets (net assets, plus the amount of any borrowing for investment purposes) in
floating rate senior secured syndicated bank loans, floating rate revolving credit facilities (&#147;revolvers&#148;), floating
rate unsecured loans, floating rate asset backed securities (including floating rate collateralized loan obligations (&#147;CLOs&#148;)),
other floating rate bonds, loans, notes and other securities (which may include, principally, senior secured, senior unsecured
and subordinated bonds), fixed income instruments with respect to which the Fund has entered into derivative instruments to effectively
convert the fixed rate interest payments into floating rate income payments, and derivative instruments that provide exposure to
floating rate or variable rate loans, obligations or other securities. The loans in which the Fund will invest, generally made
by banks and other lending institutions, are made to (or issued by) corporations, partnerships and other business entities. Floating
rate loans feature rates that reset regularly, maintaining a fixed spread over the London InterBank Offered Rate (&#147;LIBOR&#148;)
or the prime rates of large money-center banks. The interest rates for floating rate loans typically reset quarterly, although
rates on some loans may adjust at other intervals.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund invests in other fixed income instruments of various maturities which may be represented by bonds, debt securities, forwards,
derivatives or other similar instruments that the Fund&#146;s Investment Manager, believes provide the potential to deliver a
high level of current income. Securities in which the Fund invests also may include, corporate bonds, convertible securities (including
those that are deemed to be &#147;busted&#148; because they are trading well below their equity conversion value), fixed rate
asset-backed securities (including collateralized mortgage-backed securities) and CLOs. The Fund may invest in a variety of investment
vehicles, such as closed-end funds, exchange traded funds (&#147;ETFs&#148;) and other mutual funds.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund may hold securities of any quality, rated or unrated, including, those that are rated below investment grade, or, if unrated,
determined to be of comparable quality (also known as &#147;high yield securities&#148; or &#147;junk bonds&#148;). The Fund
may hold below investment grade securities with no limit. The Fund may hold non-registered or restricted securities (consisting
of securities originally issued in reliance on Rule 144A and Regulation S securities). The Fund may also invest in securities of
real estate investment trusts (&#147;REITs&#148;) and other real estate companies.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund will principally invest in U.S. dollar denominated loans and other securities of U.S. companies, but may also invest in securities
of non-U.S. companies and non-U.S. dollar denominated loans and securities (e.g., denominated in Euros, British pounds, Swiss francs
or Canadian dollars), including loans and securities of emerging market countries. The Investment Manager may attempt to reduce
foreign currency exchange rate risk by entering into contracts with banks, brokers or dealers to purchase or sell securities or
foreign currencies at a future date (&#147;forward contracts&#148;).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund also may seek certain exposures through derivative transactions, including foreign exchange forward contracts, futures on
securities, indices, currencies and other investments; options; interest rate swaps, cross-currency swaps, total return swaps;
and credit default swaps, which may also create economic leverage in the Fund. The Fund may engage in derivative transactions for
speculative purposes to enhance total return, to seek to hedge against fluctuations in securities prices, interest rates or currency
rates, to change the effective duration of its portfolio, to manage certain investment risks and/or as a substitute for the purchase
or sale of securities or currencies. The Fund may use leverage to the extent permitted by applicable law by entering into reverse
repurchase agreements and borrowing transactions (principally lines of credit) for investment purposes.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund also may engage, without limit, in repurchase agreements, forward commitments, short sales and securities lending. The Fund
may, without limitation, seek to obtain exposure to the securities in which it primarily invests by entering into a series of purchase
and sale contracts or by using other investment techniques (such as buy backs and or dollar rolls).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0pt; text-align: justify; background-color: white; color: #333333">The
Investment Manager&#146;s investment philosophy is predicated upon the belief that thorough research and independent thought are
rewarded with performance that has the potential to outperform benchmark indexes with both lower volatility and lower correlation
of returns as compared to such benchmark indexes.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; background-color: white; color: #333333">&#160;</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; background-color: white; color: #333333"></p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; color: #333333; background-color: white">The
Investment Manager may determine to sell a security for several reasons including the following: (1)&#160;to adjust the portfolio&#146;s
average maturity, or to shift assets into or out of higher-yielding securities; (2)&#160;if a security&#146;s credit rating has
been changed or for other credit reasons; (3)&#160;to meet redemption requests; (4)&#160;to take gains; or (5)&#160;due to relative
value. The Fund will not invest in</font> <font style="font: 8pt Times New Roman, Times, Serif">securities that are in default
at the time of investment, but if a security defaults subsequent to purchase by the Fund, the Investment Manager will determine
in its discretion whether to hold or dispose of such security. Under adverse market conditions (for example, in the event of credit
events, where it is deemed opportune to preserve gains, or to preserve the relative value of investments), the Fund can make temporary
defensive investments and may not be able to pursue its objective.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund pursues its objective by investing at least 80% of its assets (net assets, plus the amount of any borrowing for investment
purposes), under normal market conditions, in a broad range of high yield, high risk debt securities rated below the top four long-term
rating categories by a nationally recognized statistical rating organization or, if unrated, determined by Security Investors,
LLC, also known as Guggenheim Investments (the &#147;Investment Manager&#148;), to be of comparable quality (also known as &#147;junk
bonds&#148;). If nationally recognized statistical rating organizations assign different ratings to the same security, the Fund
will use the higher rating for purposes of determining the security&#146;s credit quality. These debt securities may include,
without limitation: corporate bonds and notes, convertible securities, mortgage-backed and asset-backed securities, participations
in and assignments of loans (such as syndicated bank loans, secured or unsecured loans, bridge loans and other loans), floating
rate revolving credit facilities (&#147;revolvers&#148;), debtor-in-possession loans (&#147;DIPs&#148;) and other loans. These
securities may pay fixed or variable rates of interest. The Fund also may invest in a variety of investment vehicles, principally,
closed-end funds, exchange traded funds (&#147;ETFs&#148;) and other mutual funds. The Fund may invest up to 10% of its net assets
in securities that are in default at the time of purchase. The debt securities in which the Fund invests will primarily be domestic
securities, but may also include foreign securities. Such securities may be denominated in foreign currencies. The Fund may also
invest in restricted securities, principally Rule 144A securities that are eligible for resale to qualified institutional buyers.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund also may seek certain exposures through derivative transactions, including foreign exchange forward contracts, futures on
securities, indices, currencies and other investments; options; interest rate swaps; cross-currency swaps; total return swaps;
and credit default swaps, which may also create economic leverage in the Fund. The Fund may engage in derivative transactions for
speculative purposes to enhance total return, to seek to hedge against fluctuations in securities prices, interest rates or currency
rates, to change the effective duration of its portfolio, to manage certain investment risks and/or as a substitute for the purchase
or sale of securities or currencies. The Fund may use leverage to the extent permitted by applicable law by entering into reverse
repurchase agreements and borrowing transactions (principally lines of credit) for investment purposes.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund also may engage, without limit, in repurchase agreements, forward commitments, short sales and securities lending. The Fund
may, without limitation, seek to obtain exposure to the securities in which it primarily invests by entering into a series of purchase
and sale contracts or by using other investment techniques (such as buy backs and/or dollar rolls).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Investment Manager, uses a process for selecting securities for purchase and sale that is based on intensive credit research and
involves extensive due diligence on each issuer, region and sector. The Investment Manager also considers macroeconomic outlook
and geopolitical issues.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Investment Manager may determine to sell a security for several reasons including the following: (1)&#160;to adjust the portfolio&#146;s
average maturity, or to shift assets into or out of higher-yielding securities; (2)&#160;if a security&#146;s credit rating has
been changed or for other credit reasons; (3)&#160;to meet redemption requests; (4)&#160;to take gains; or (5)&#160;due to relative
value. Under adverse market conditions (for example, in the event of credit events, where it is deemed opportune to preserve gains,
or to preserve the relative value of investments), the Fund can make temporary defensive investments and may not be able to pursue
its objective.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">In
pursuit of its objective, the Fund will invest, under normal market conditions, at least 80% of its assets (net assets, plus the
amount of any borrowing for investment purposes) in investment grade fixed-income securities (i.e., rated in the top four long-term
rating categories by a nationally recognized statistical rating organization or, if unrated, determined by Security Investors,
LLC, also known as Guggenheim Investments (the &#147;Investment Manager&#148;), to be of comparable quality). If nationally recognized
statistical rating organizations assign different ratings to the same security, the Fund will use the higher rating for purposes
of determining the security&#146;s credit quality. Such fixed-income securities may include corporate bonds and other corporate
debt securities, securities issued by the U.S. government or its agencies and instrumentalities (including those not backed by
the full faith and credit of the U.S. government), mortgage-backed and asset-backed securities, participations in and assignments
of loans (such as syndicated bank loans, secured or unsecured loans, bridge loans and other loans), zero-coupon bonds, municipal
bonds, payment-in-kind debt securities (such as payment-in-kind bonds), convertible fixed-income securities, non-registered or
restricted securities (including securities originally issued in reliance on Rule 144A and Regulation S securities) and step-up
securities (such as step-up bonds). These securities may pay fixed or variable rates of interest. Although the Fund will invest
at least 80% of its assets in investment grade fixed-income securities, such securities (especially those in the lowest of the
top four long-term rating categories) may have speculative characteristics. The Fund may, without limitation, seek to obtain exposure
to the securities in which it primarily invests through a variety of investment vehicles, principally closed-end funds, exchange-traded
funds (&#147;ETFs&#148;) and other mutual funds. The Fund may invest up to 20% of its assets in preferred stock. While the Fund
will principally invest in securities listed, traded or dealt in developed markets, it may also invest without limitation in securities
listed, traded or dealt in other countries, including emerging markets countries. Such securities may be denominated in foreign
currencies.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">Consistent
with its investment objective and principal investment strategies, the Fund also may invest in debt securities or loans that are
not investment grade (also known as &#147;high yield/high risk securities&#148; or &#147;junk bonds&#148;) The Fund also may
seek certain exposures through derivative transactions, principally, foreign exchange forward contracts, futures on securities,
indices, currencies and other investments; options; interest rate swaps, cross-currency swaps, total return swaps; and credit default
swaps, which may also create economic leverage in the Fund. The Fund may engage in derivative transactions for speculative purposes
to enhance total return, to seek to hedge against fluctuations in securities prices, interest rates or currency rates, to change
the effective duration of its portfolio, to manage certain investment risks and/or as a substitute for the purchase or sale of
securities or currencies. The Fund may use leverage to the extent permitted by applicable law by entering into reverse repurchase
agreements and borrowing transactions (such as lines of credit) for investment purposes. The Fund may also seek to obtain market
exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other
investment techniques (such as buy backs, &#147;To Be Announced&#148; (&#147;TBA&#148;) transactions and/or dollar rolls).
In a TBA transaction, a seller agrees to deliver a mortgage-backed security to the Fund at a future date, but the seller does not
specify the particular security to be delivered. Instead, the Fund agreed to accept any security that meets specified terms.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Investment Manager, uses a process for selecting securities for purchase and sale that is based on intensive credit research and
involves extensive due diligence on each issuer, region and sector. The Investment Manager also considers macroeconomic outlook
and geopolitical issues.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Investment Manager may determine to sell a security for several reasons including, the following: (1)&#160;to adjust the portfolio&#146;s
average maturity, or to shift assets into or out of higher-yielding securities; (2)&#160;if a security&#146;s credit rating has
been changed or for other credit reasons; (3)&#160;to meet redemption requests; (4)&#160;to take gains; or (5)&#160;due to relative
value. Under adverse market conditions (for example, in the event of credit events, where it is deemed opportune to preserve gains,
or to preserve the relative value of investments), the Fund can make temporary defensive investments and may not be able to pursue
its objective.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund will seek to achieve its investment objective by investing in a wide range of fixed income and other debt and equity securities
selected from a variety of sectors and credit qualities, principally, corporate bonds, participations in and assignments of syndicated
bank loans, asset-backed securities (including mortgage-backed securities and structured finance investments), U.S. government
and agency securities (including those not backed by the full faith and credit of the U.S. government), mezzanine and preferred
securities, commercial paper, zero-coupon bonds, municipal securities, non-registered or restricted securities (consisting of securities
originally issued in reliance on Rule 144A and Regulation S), step-up securities (such as step-up bonds) and convertible securities,
and in common stocks and other equity investments that Guggenheim Investments, the Fund&#146;s Investment Manager, believes offer
attractive yield and/or capital appreciation potential. The Investment Manager may employ a strategy of writing (selling) covered
call and put options on such equity securities.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">While
the Fund will principally invest in securities listed, traded or dealt in developed markets, it may also invest without limitation
in securities listed, traded or dealt in other countries, including emerging markets countries. Such securities may be denominated
in foreign currencies. The Fund may hold securities of any duration or maturity. Securities in which the Fund may invest may pay
fixed or variable rates of interest. The Fund may invest in a variety of investment vehicles, principally closed-end funds, exchange
traded funds (&#147;ETFs&#148;) and other mutual funds. The Fund may also invest in commodities (such as precious metals), commodity-linked
notes and other commodity-linked derivative instruments, such as swaps, options, or forward contracts based on the value of commodities
or commodities indices and commodity futures. The Fund may use leverage to the extent permitted by applicable law by entering into
reverse repurchase agreements and borrowing transactions (principally lines of credit) for investment purposes.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund also may engage, in repurchase agreements, forward commitments, short sales and securities lending and it may seek certain
exposures through derivative transactions, including foreign exchange forward contracts, futures on securities, indices, currencies
and other investments; options; interest rate swaps, cross-currency swaps, total return swaps; and credit default swaps, which
may also create economic leverage in the Fund. The Fund may engage, without limit, in derivative transactions for speculative purposes
to enhance total return, to seek to hedge against fluctuations in securities prices, interest rates or currency rates, to change
the effective duration of its portfolio, to manage certain investment risks and/or as a substitute for the purchase or sale of
securities or currencies. The Fund may also, without limitation, seek to obtain exposure to the securities in which it primarily
invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs and
or dollar rolls).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Investment Manager will use a relative value-based investment philosophy, which utilizes quantitative and qualitative analysis
to seek to identify securities or spreads between securities that deviate from their perceived fair value and/or historical norms.
The Investment Manager seeks to combine a credit managed fixed-income portfolio with access to a diversified pool of alternative
investments and equity strategies. The Investment Manager&#146;s investment philosophy is predicated upon the belief that thorough
research and independent thought are rewarded with performance that has the potential to outperform benchmark indexes with both
lower volatility and lower correlation of returns as compared to such benchmark indexes.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Investment Manager may determine to sell a security for several reasons including the following: (1)&#160;to adjust the portfolio&#146;s
average maturity, or to shift assets into or out of higher-yielding securities; (2)&#160;if a security&#146;s credit rating has
been changed or for other credit reasons; (3)&#160;to meet redemption requests; (4)&#160;to take gains; or (5)&#160;due to relative
value. The Fund may hold, without limit, fixed income securities of any quality, rated or unrated, including, those that are rated
below investment grade, or, if unrated, determined to be of comparable quality (also known as &#147;high yield securities&#148;
or &#147;junk bonds&#148;) and defaulted securities. If nationally recognized statistical rating organizations assign different
ratings to the same security, the Fund will use the higher rating for purposes of determining the security&#146;s credit quality.
Under adverse market conditions (for example, in the event of credit events, where it is deemed opportune to preserve gains, or
to preserve the relative value of investments), the Fund can make temporary defensive investments and may not be able to pursue
its objective.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
pursuit of its objective, the Fund will invest, under normal market conditions, at least 80% of its assets (net assets, plus the
amount of any borrowing for investment purposes) in a diversified portfolio of municipal securities whose interest is free from
federal income tax. This investment strategy may not be changed without shareholder approval. Interest from the Fund&#146;s investments
may be subject to the federal alternative minimum tax. The Fund may invest up to 20% of its assets in securities the interest
on which is subject to federal income taxation, including, among others, corporate bonds and other corporate debt securities,
taxable municipal securities (which include Build America Bonds and Qualified School Construction Bonds), mortgage-backed and
asset backed securities, repurchase and reverse repurchase agreements, syndicated bank loans and securities issued by the U.S.
government or its agencies and instrumentalities (including those not backed by the full faith and credit of the U.S. government).
The Fund also may invest, up to 20% of its assets in a variety of investment vehicles, principally closed-end funds, exchange
traded funds (&#147;ETFs&#148;) and other mutual funds. The Fund may use derivatives for investment purposes (i.e., speculative
purposes). Derivatives include futures, forward contracts, options, structured securities, inverse floating rate instruments,
swaps, caps, floors, and collars. When market conditions are deemed appropriate, the Fund will use leverage to the full extent
permitted by its investment policies and restrictions and applicable law. The Fund may use leverage by using derivatives and tender
option bonds (&#147;TOBs&#148;), or by entering into reverse repurchase agreements and borrowing transactions (principally lines
of credit) for investment purposes. The fixed income securities in which the Fund invests will primarily be domestic securities,
but may also include, up to 20% of its assets, in foreign and emerging markets securities.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Fund will allocate assets across different market sectors and maturities and may invest in municipal bonds rated in any rating
category or in unrated municipal bonds. The Fund, however, will invest under normal market conditions, at least 80% of its assets
in investment grade securities (i.e., rated in the top four long-term rating categories by a nationally recognized statistical
ratings organization or, if unrated, determined by Guggenheim Partners Investment Management, LLC (&#147;Guggenheim Partners&#148;
or the &#147;Sub-Adviser&#148;) to be of comparable quality). If nationally recognized statistical rating organizations assign
different ratings to the same security, the Fund will use the higher rating for purposes of determining the security&#146;s credit
quality. The Fund may invest 25% or more of the Fund&#146;s assets in municipal instruments that finance similar projects, such
as those relating to education, healthcare, housing, utilities, or water and sewers.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Guggenheim
Partners, the Fund&#146;s sub-adviser, uses a process for selecting securities for purchase and sale that is based on intensive
credit research and involves extensive due diligence on each issuer, region and sector. Guggenheim Partners also considers macroeconomic
outlook and geopolitical issues.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Guggenheim
Partners may determine to sell a security: (1)&#160;to adjust the portfolio&#146;s average maturity, or to shift assets into
or out of higher-yielding securities; (2)&#160;if a security&#146;s credit rating has been changed; or (3)&#160;to meet redemption
requests, among other reasons. Under adverse market conditions (for example, in the event of credit events, where it is deemed
opportune to preserve gains, or to preserve the relative value of investments), the Fund can make temporary defensive investments
and may not be able to pursue its objective.&#160;</font></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Fund intends to pursue its investment objective by investing at least 80% of its assets (net assets, plus the amount of any borrowings
for investment purposes) in debt securities. Such debt securities may include, corporate bonds and other corporate debt securities,
securities issued by the U.S. government or its agencies and instrumentalities (including those not backed by the full faith and
credit of the U.S. government), mortgage-backed and asset-backed securities, participations in and assignments of bank and bridge
loans, zero-coupon bonds, municipal bonds, payment-in-kind securities (such as payment-in-kind bonds), convertible fixed-income
securities, non-registered or restricted securities (including those issued in reliance on Rule 144A and Regulation S securities)
and step-up securities (such as step-up bonds). These securities may pay fixed or variable rates of interest. While the Fund will
principally invest in debt securities listed, traded or dealt in developed markets, it may also invest without limitation in securities
listed, traded or dealt in other countries, including emerging markets countries. Such securities may be denominated in foreign
currencies. The Fund may also invest in preferred stock and convertible securities. The Fund may seek to obtain exposure to the
securities in which it primarily invests through a variety of investment vehicles, principally closed-end funds, exchange-traded
funds (&#147;ETFs&#148;) and other mutual funds.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Fund may hold fixed income securities of any quality, rated or unrated, including, those that are rated below investment grade,
or if unrated, determined to be of comparable quality (also known as &#147;high yield securities&#148; or &#147;junk bonds&#148;).
If nationally recognized statistical rating organizations assign different ratings to the same security, the Fund will use the
higher rating for purposes of determining the security&#146;s credit quality. However, the Fund may not invest more than 20%
of its total assets in fixed-income securities that are below investment grade. The Fund may hold securities of any duration or
maturity.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">With
respect to bank loans, the Fund may purchase participations in, or assignments of, floating rate bank loans that meet certain
liquidity standards and will provide for interest rate adjustments at least every 397 days and which may be secured by real estate
or other assets. These participations may be interests in, or assignments of, the loan and may be acquired from banks or brokers
that have made the loan or members of the lending syndicate.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Fund also may seek certain exposures through derivative transactions, principally, foreign exchange forward contracts, futures
on securities, indices, currencies and other investments; options; interest rate swaps, cross-currency swaps, total return swaps;
and credit default swaps, which may also create economic leverage in the Fund. The Fund may engage in derivative transactions
for speculative purposes to enhance total return, to seek to hedge against fluctuations in securities prices, interest rates or
currency rates, to change the effective duration of its portfolio, to manage certain investment risks and/or as a substitute for
the purchase or sale of securities or currencies. The Fund may seek to obtain market exposure to the securities in which it primarily
invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs ,
&#147;To Be Announced&#148; (&#147;TBA&#148;) transactions and/or dollar rolls). In a TBA transaction, a seller agrees to
deliver a mortgage-backed security to the Fund at a future date, but the seller does not specify the particular security to be
delivered. Instead, the Fund agrees to accept any security that meets specified terms. The Fund may use leverage to the extent
permitted by applicable law by entering into reverse repurchase agreements and borrowing transactions (principally lines of credit)
for investment purposes.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Fund&#146;s Investment Manager, uses a process for selecting securities for purchase and sale that is based on intensive credit
research and involves extensive due diligence on each issuer, region and sector. Guggenheim Investments also considers macroeconomic
outlook and geopolitical issues.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Investment Manager may determine to sell a security for several reasons including, the following: (1)&#160;to adjust the portfolio&#146;s
average maturity, or to shift assets into or out of higher-yielding securities; (2)&#160;if a security&#146;s credit rating has
been changed or for other credit reasons; (3)&#160;to meet redemption requests; (4)&#160;to take gains; or (5)&#160;due to relative
value. The Fund does not intend to principally invest in defaulted securities, but if a security defaults subsequent to purchase
by the Fund, the Investment Manager will determine in its discretion whether to hold or dispose of such security. Under adverse
market conditions (for example, in the event of credit events, where it is deemed opportune to preserve gains, or to preserve
the relative value of investments), the Fund can make temporary defensive investments and may not be able to pursue its objective.</font></p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; background-color: white; text-align: justify"><b>PRINCIPAL RISKS</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; background-color: white; text-align: justify"><b>PRINCIPAL RISKS</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; background-color: white; text-align: justify"><b>PRINCIPAL RISKS</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; background-color: white; text-align: justify"><b>PRINCIPAL RISKS</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; background-color: white; text-align: justify"><b>PRINCIPAL RISKS</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; background-color: white; text-align: justify"><b>PRINCIPAL RISKS</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money. The
principal risks of investing in the Fund are listed below.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Asset-Backed
and Mortgage-Backed Securities Risk</b>&#160;&#150; Investors in asset-backed securities, including mortgage-backed securities,
generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which
the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures
that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are
subject to liquidity risk.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Collateralized
Loan Obligations Risk</b>&#160;&#150; CLOs are subject to the risk of substantial losses due to actual defaults, decrease of market
value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults, and investor aversion
to CLO securities as a class. The risks of CLOs depend largely on the type of the underlying loans and the tranche of CLOs in which
the Fund invests. In addition, CLOs carry risks including interest rate risk, credit risks and default risk. Certain CLOs obtain
their exposure through synthetic investments. These CLOs entail the risks of derivative instruments.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Convertible
Securities Risk</b>&#160;&#150; The value of convertible securities tends to decline as interest rates increase. Convertible securities
generally offer lower interest or dividend yields than non-convertible securities of similar quality. The Fund could lose money
if the issuer of a convertible security is unable to meet its financial obligations or goes bankrupt.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Credit
Risk</b>&#160;&#150; The Fund could lose money if the issuer of a bond is unable to repay interest and principal on time or defaults.
The issuer of a bond could also suffer a decrease in quality rating, which would affect the volatility of the price and liquidity
of the bond.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Currency
Risk</b>&#160;&#150; The Fund&#146;s indirect and direct exposure to foreign currencies subjects the Fund to the risk that those
currencies will decline in value relative to the U.S.&#160;Dollar, which would cause a decline in the U.S. value of the holdings
of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons,
including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in
the U.S. or abroad.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Derivatives
Risk</b>&#160;&#150; Derivatives may pose risks in addition to those associated with investing directly in securities or other
investments, including possible illiquidity of the derivative, limited ability to enter into or unwind a position, imperfect correlations
with underlying investments or the Fund&#146;s other portfolio holdings, leverage risk, lack of availability and the risk that
the counterparty may default on its obligations. If the Investment Manager is incorrect about its expectations of market conditions,
the use of derivatives could result in a loss, which in some cases may be unlimited.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Emerging
Markets Risk</b>&#160;&#150; Investments in emerging markets securities are generally subject to a greater level of those risks
associated with investing in foreign securities, as emerging markets are considered less developed and developing countries.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Foreign
Securities Risk</b>&#160;&#150; Foreign securities carry additional risks when compared to U.S. securities, including currency
fluctuations, adverse political and economic developments, unreliable or untimely information, less liquidity, limited legal recourse
and higher transactional costs.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>High
Yield and Unrated Securities Risk</b>&#160;&#150; Higher yielding, below investment grade and unrated high risk debt securities
may present additional risk because these securities may be less liquid and present more credit risk than investment grade bonds.
The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook
and to real or perceived adverse economic and competitive industry conditions.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Interest
Rate Risk</b>&#160;&#150; Investments in fixed-income securities are subject to the possibility that interest rates could rise
sharply, causing the value of the Fund&#146;s securities and share price to decline. Fixed-income securities with longer durations
are subject to more volatility than those with shorter durations.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Investment
in Investment Vehicles Risk</b>&#160;&#150; Investing in other investment vehicles, including ETFs, closed-end funds and other
funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying
securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share
of the underlying vehicles&#146; expenses.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333"><b>Investments
in Loans Risk</b>&#160;&#150; Investments in loans involve special types of risks, including credit risk, interest rate risk,
counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment
grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Leverage
Risk</b>&#160;&#150; The Fund&#146;s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund
to be more volatile than if it had not been leveraged.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Liquidity
and Valuation Risk</b>&#160;&#150; In certain circumstances, it may be difficult for the Fund to purchase and sell particular
investments within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes
of the Fund&#146;s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes
should be the price of the investment.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Management
Risk</b>&#160;&#150; The Fund is actively managed, which means that investment decisions are made based on investment views. There
is no guarantee that the investment views will be successful. Furthermore, active trading that can accompany active management,
also called &#147;high turnover,&#148; may have a negative impact on performance. Active trading may result in higher brokerage
costs or mark-up charges, which are ultimately passed on to shareholders of the Fund.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Market
Risk</b>&#160;&#150; The market value of the securities held by the Fund may fluctuate resulting from factors affecting the individual
company or other factors such as changing economic, political or financial market conditions.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Prepayment
Risk</b>&#160;&#150; Securities subject to prepayment risk generally offer less potential for gains when interest rates decline,
because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential
for income loss when interest rates rise.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Real
Estate Securities Risk</b>&#160;&#150; The Fund may invest in securities of real estate companies and companies related to the
real estate industry, including real estate investment trusts (&#147;REITs&#148;), which are subject to the same risks as direct
investments in real estate. The real estate industry is particularly sensitive to economic downturns.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Regulatory
and Legal Risk</b>&#160;&#150; U.S. and other regulators and governmental agencies may implement additional regulations and legislators
may pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation
applying to the Fund (such as regulations related to investments in derivatives). These may impact the investment strategies, performance,
costs and operations of the Fund or taxation of shareholders.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Repurchase
Agreement and Reverse Repurchase Agreement Risk</b>&#160;&#150; In the event of the insolvency of the counterparty to a repurchase
agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase
agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical
equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement
at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund&#146;s yield.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Restricted
Securities Risk</b>&#160;&#150; Restricted securities generally cannot be sold to the public and may involve a high degree of
business, financial and liquidity risk, which may result in substantial losses to the Fund.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.65pt 0 0; text-align: justify; background-color: white; color: #333333">The
value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money. The
principal risks of investing in the Fund are listed below.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.3pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Asset-Backed
and Mortgage-Backed Securities Risk</b>&#160;&#150; Investors in asset-backed securities, including mortgage-backed securities,
generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which
the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures
that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are
subject to liquidity risk.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.3pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Convertible
Securities Risk</b>&#160;&#150; The value of convertible securities tends to decline as interest rates increase. Convertible securities
generally offer lower interest or dividend yields than non-convertible securities of similar quality. The Fund could lose money
if the issuer of a convertible security is unable to meet its financial obligations or goes bankrupt.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.3pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Credit
Risk</b>&#160;&#150; The Fund could lose money if the issuer of a bond or a counterparty to a derivatives transaction is unable
to repay interest and principal on time or defaults. The issuer of a bond could also suffer a decrease in quality rating, which
would affect the volatility of the price and liquidity of the bond.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.3pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Currency
Risk</b>&#160;&#150; The Fund&#146;s indirect and direct exposure to foreign currencies subjects the Fund to the risk that those
currencies will decline in value relative to the U.S.&#160;Dollar, which would cause a decline in the U.S. value of the holdings
of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons,
including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in
the U.S. or abroad.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.3pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Derivatives
Risk</b>&#160;&#150; Derivatives may pose risks in addition to those associated with investing directly in securities or other
investments, including possible illiquidity of the derivative, limited ability to enter into or unwind a position, imperfect correlations
with underlying investments or the Fund&#146;s other portfolio holdings, leverage risk, lack of availability and the risk that
the counterparty may default on its obligations. If the Investment Manager is incorrect about its expectations of market conditions,
the use of derivatives could result in a loss, which in some cases may be unlimited.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.3pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Equity
Securities Risk</b>&#160;&#150; Equity securities include common stocks and other equity securities (and securities convertible
into stocks), and the prices of equity securities fluctuate in value more than other investments. They reflect changes in the issuing
company&#146;s financial condition and changes in the overall market. Common stocks generally represent the riskiest investment
in a company. The Fund may lose a substantial part, or even all, of its investment in a company&#146;s stock. Growth stocks may
be more volatile than value stocks.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.3pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Foreign
Securities Risk</b>&#160;&#150; Foreign securities carry additional risks when compared to U.S. securities, including currency
fluctuations, adverse political and economic developments, unreliable or untimely information, less liquidity, limited legal recourse
and higher transactional costs.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.3pt 0 0; text-align: justify; background-color: white; color: #333333"><b>High
Yield and Unrated Securities Risk</b>&#160;&#150; Higher yielding, below investment grade and unrated high risk debt securities
may present additional risk because these securities may be less liquid and present more credit risk than investment grade bonds.
The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook
and to real or perceived adverse economic and competitive industry conditions.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.3pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Interest
Rate Risk</b>&#160;&#150; Investments in fixed-income securities are subject to the possibility that interest rates could rise
sharply, causing the value of the Fund&#146;s securities and share price to decline. Fixed-income securities with longer durations
are subject to more volatility than those with shorter durations.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.3pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Investment
in Investment Vehicles Risk</b>&#160;&#150; Investing in other investment vehicles, including ETFs and other funds, subjects the
Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held
by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying
vehicles&#146; expenses.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.3pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Investments
in Loans Risk</b>&#160;&#150; Investments in loans involve special types of risks, including credit risk, interest rate risk,
counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment
grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.3pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Leverage
Risk</b>&#160;&#150; The Fund&#146;s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund
to be more volatile than if it had not been leveraged.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.3pt 0 0; text-align: justify; background-color: white">&#160;</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333"><b>Liquidity
and Valuation Risk</b>&#160;&#150; In certain circumstances, it may be difficult for the Fund to purchase and sell particular
investments within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes
of the Fund&#146;s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes
should be the price of the investment.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.3pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Management
Risk</b>&#160;&#150; The Fund is actively managed, which means that investment decisions are made based on investment views. There
is no guarantee that the investment views will be successful. Furthermore, active trading that can accompany active management,
also called &#147;high turnover,&#148; may have a negative impact on performance. Active trading may result in higher brokerage
costs or mark-up charges, which are ultimately passed on to shareholders of the Fund.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.3pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Market
Risk</b>&#160;&#150; The market value of the securities held by the Fund may fluctuate as a result of factors affecting individual
companies or other factors such as changing economic, political or financial market conditions. Moreover, changing economic, political
or financial market conditions in one country or geographic region could adversely impact the market value of the securities held
by the Fund in a different country or geographic region.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.3pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Prepayment
Risk</b>&#160;&#150; Securities subject to prepayment risk generally offer less potential for gains when interest rates decline,
because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential
for income loss when interest rates rise.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.3pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Regulatory
and Legal Risk</b>&#160;&#150; U.S. and other regulators and governmental agencies may implement additional regulations and legislators
may pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation
applying to the Fund (such as regulations related to investments in derivatives). These may impact the investment strategies, performance,
costs and operations of the Fund or taxation of shareholders.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.3pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Repurchase
Agreement and Reverse Repurchase Agreement Risk</b>&#160;&#150; In the event of the insolvency of the counterparty to a repurchase
agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase
agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical
equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement
at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund&#146;s yield.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.3pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Restricted
Securities Risk</b>&#160;&#150; Restricted securities generally cannot be sold to the public and may involve a high degree of
business, financial and liquidity risk, which may result in substantial losses to the Fund.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.3pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Special
Situations/Securities in Default Risk</b>&#160;&#150; Investments in the securities and debt of distressed issuers or issuers
in default involves far greater risk than investing in issuers whose debt obligations are being met and whose debt trade at or
close to its &#147;par&#148; or full value because the investments are highly speculative with respect to the issuer&#146;s
ability to make interest payments and/or to pay its principal obligations in full.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.65pt 0 0; text-align: justify; background-color: white; color: #333333"><b>When
Issued, Forward Commitment and Delayed-Delivery Transactions Risk</b>&#160;&#150; When-issued, forward-commitment and delayed-delivery
transactions involve a commitment to purchase or sell specific securities at a predetermined price or yield in which payment and
delivery take place after the customary settlement period for that type of security. When purchasing securities pursuant to one
of these transactions, payment for the securities is not required until the delivery date. However, the purchaser assumes the rights
and risks of ownership, including the risks of price and yield fluctuations and the risk that the security will not be issued as
anticipated.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money. The
principal risks of investing in the Fund are listed below.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white"><font style="color: #333333"><b>Asset-Backed
and Mortgage-Backed Securities Risk</b>&#160;&#150; Investors in asset-backed securities, including mortgage-backed securities,
generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which</font><font style="color: black">
</font><font style="color: #333333">the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed
securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their
prices very volatile and they are subject to liquidity risk.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Convertible
Securities Risk</b>&#160;&#150; The value of convertible securities tends to decline as interest rates increase. Convertible securities
generally offer lower interest or dividend yields than non-convertible securities of similar quality. The Fund could lose money
if the issuer of a convertible security is unable to meet its financial obligations or goes bankrupt.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Credit
Risk</b>&#160;&#150; The Fund could lose money if the issuer of a bond or a counterparty to a derivatives transaction is unable
to repay interest and principal on time or defaults. The issuer of a bond could also suffer a decrease in quality rating, which
would affect the volatility of the price and liquidity of the bond.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Currency
Risk</b>&#160;&#150; The Fund&#146;s indirect and direct exposure to foreign currencies subjects the Fund to the risk that those
currencies will decline in value relative to the U.S.&#160;Dollar, which would cause a decline in the U.S. value of the holdings
of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons,
including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in
the U.S. or abroad.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Derivatives
Risk</b>&#160;&#150; Derivatives may pose risks in addition to those associated with investing directly in securities or other
investments, including possible illiquidity of the derivative, limited ability to enter into or unwind a position, imperfect correlations
with underlying investments or the Fund&#146;s other portfolio holdings, leverage risk, lack of availability and the risk that
the counterparty may default on its obligations. If the Investment Manager is incorrect about its expectations of market conditions,
the use of derivatives could result in a loss, which in some cases may be unlimited.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Emerging
Markets Risk</b>&#160;&#150; Investments in emerging markets securities are generally subject to a greater level of those risks
associated with investing in foreign securities, as emerging markets are considered less developed and developing countries.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>High
Yield and Unrated Securities Risk</b>&#160;&#150; Higher yielding, below investment grade and unrated high risk debt securities
may present additional risk because these securities may be less liquid and present more credit risk than investment grade bonds.
The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook
and to real or perceived adverse economic and competitive industry conditions.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Interest
Rate Risk</b>&#160;&#150; Investments in fixed-income securities are subject to the possibility that interest rates could rise
sharply, causing the value of the Fund&#146;s securities and share price to decline. Fixed-income securities with longer durations
are subject to more volatility than those with shorter durations.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Investment
in Investment Vehicles Risk</b>&#160;&#150; Investing in other investment vehicles, including ETFs and other funds, subjects the
Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held
by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying
vehicles&#146; expenses.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Investments
in Loans Risk</b>&#160;&#150; Investments in loans involve special types of risks, including credit risk, interest rate risk,
counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment
grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Leverage
Risk</b>&#160;&#150; The Fund&#146;s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund
to be more volatile than if it had not been leveraged.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Liquidity
and Valuation Risk</b>&#160;&#150; In certain circumstances, it may be difficult for the Fund to purchase and sell particular
investments within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes
of the Fund&#146;s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes
should be the price of the investment.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Management
Risk</b>&#160;&#150; The Fund is actively managed, which means that investment decisions are made based on investment views. There
is no guarantee that the investment views will be successful. Furthermore, active trading that can accompany active management,
also called &#147;high turnover,&#148; may have a negative impact on performance. Active trading may result in higher brokerage
costs or mark-up charges, which are ultimately passed on to shareholders of the Fund.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Market
Risk</b>&#160;&#150; The market value of the securities held by the Fund may fluctuate as a result of factors affecting individual
companies or other factors such as changing economic, political or financial market conditions. Moreover, changing economic, political
or financial market conditions in one country or geographic region could adversely impact the market value of the securities held
by the Fund in a different country or geographic region.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333"><b>Municipal
Securities Risk</b>&#160;&#150; Municipal securities can be affected by unfavorable legislative or political developments and
adverse changes in the financial conditions of state and municipal issuers or the federal government in case it provides financial
support to the municipality. Certain sectors of the municipal bond market have special risks that can affect them more significantly
than the market as a whole. Because many municipal instruments are issued to finance similar projects, conditions in these industries
can significantly affect the overall municipal market. Municipal securities that are insured by an insurer may be adversely affected
by developments relevant to that particular insurer, or more general developments relevant to the market as a whole.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Preferred
Securities Risk</b>&#160;&#150;&#160;A company&#146;s preferred stock generally pays dividends only after the company makes required
payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly
than bonds and other debt to actual or perceived changes in the company&#146;s financial condition or prospects.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Prepayment
Risk</b>&#160;&#150; Securities subject to prepayment risk generally offer less potential for gains when interest rates decline,
because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential
for income loss when interest rates rise.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Regulatory
and Legal Risk</b>&#160;&#150; U.S. and other regulators and governmental agencies may implement additional regulations and legislators
may pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation
applying to the Fund (such as regulations related to investments in derivatives). These may impact the investment strategies, performance,
costs and operations of the Fund or taxation of shareholders.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Repurchase
Agreement and Reverse Repurchase Agreement Risk</b>&#160;&#150; In the event of the insolvency of the counterparty to a repurchase
agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase
agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical
equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement
at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund&#146;s yield.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Restricted
Securities Risk</b>&#160;&#150; Restricted securities generally cannot be sold to the public and may involve a high degree of
business, financial and liquidity risk, which may result in substantial losses to the Fund.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>To
Be Announced (&#147;TBA&#148;) Transactions Risk</b>&#160;&#150; The Fund may enter into &#147;To Be Announced&#148; (&#147;TBA&#148;)
transactions to purchase mortgage-backed securities for a fixed price at a future date. TBA purchase commitments involve a risk
of loss if the value of the security to be purchased declines prior to settlement date or if the counterparty may not deliver the
securities as promised.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money. The
principal risks of investing in the Fund are listed below.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Asset-Backed
and Mortgage-Backed Securities Risk&#160;&#150;</b>&#160;Investors in asset-backed securities, including mortgage-backed securities,
generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which
the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures
that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are
subject to liquidity risk.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Commodities
Risk</b>&#160;&#150; The commodities industries can be significantly affected by the level and volatility of commodity prices;
world events including international monetary and political developments; import controls and worldwide competition; exploration
and production spending; and tax and other government regulations and economic conditions.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Commodity-Linked
Investing</b>&#160;&#150; Commodity-linked investments may be more volatile and less liquid than the underlying commodity, instruments,
or measures and their value may be affected by the performance of the overall commodities markets as well as weather, tax, and
other regulatory developments.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Convertible
Securities Risk</b>&#160;&#150; The value of convertible securities tends to decline as interest rates increase. Convertible securities
generally offer lower interest or dividend yields than non-convertible securities of similar quality. The Fund could lose money
if the issuer of a convertible security is unable to meet its financial obligations or goes bankrupt.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Credit
Risk</b>&#160;&#150; The Fund could lose money if the issuer of a bond or counterparty to a derivatives transaction, reverse repurchase
agreement or other transaction is unable to repay interest and principal on time or defaults. The issuer of a bond could also suffer
a decrease in quality rating, which would affect the volatility of the price and liquidity of the bond.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Currency
Risk</b>&#160;&#150; The Fund&#146;s indirect and direct exposure to foreign currencies subjects the Fund to the risk that those
currencies will decline in value relative to the U.S.&#160;Dollar, which would cause a decline in the U.S. value of the holdings
of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons,
including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in
the U.S. or abroad.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Derivatives
Risk</b>&#160;&#150; Derivatives may pose risks in addition to those associated with investing directly in securities or other
investments, including possible illiquidity of the derivative, limited ability to enter into or unwind a position, imperfect correlations
with underlying investments or the Fund&#146;s other portfolio holdings, leverage risk, lack of availability and the risk that
the counterparty may default on its obligations. If the Investment Manager is incorrect about its expectations of market conditions,
the use of derivatives could result in a loss, which in some cases may be unlimited. As a seller of covered call options, a Fund
faces the risk that it will forgo the opportunity to profit from increases in the market value of the security covering the call
option during an option&#146;s life.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Emerging
Markets Risk</b>&#160;&#150; Investments in emerging markets securities are generally subject to a greater level of those risks
associated with investing in foreign securities, as emerging markets are considered less developed and developing countries.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Equity
Securities Risk</b>&#160;&#150; Equity securities include common stocks and other equity securities (and securities convertible
into stocks), and the prices of equity securities fluctuate in value more than other investments. They reflect changes in the issuing
company&#146;s financial condition and changes in the overall market. Common stocks generally represent the riskiest investment
in a company. The Fund may lose a substantial part, or even all, of its investment in a company&#146;s stock. Growth stocks may
be more volatile than value stocks.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Foreign
Securities Risk</b>&#160;&#150; Foreign securities carry additional risks when compared to U.S. securities, including currency
fluctuations, adverse political and economic developments, unreliable or untimely information, less liquidity, limited legal recourse
and higher transactional costs.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>High
Yield and Unrated Securities Risk</b>&#160;&#150; Higher yielding, below investment grade and unrated high risk debt securities
may present additional risk because these securities may be less liquid and present more credit risk than investment grade bonds.
The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook
and to real or perceived adverse economic and competitive industry conditions.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Interest
Rate Risk</b>&#160;&#150; Investments in fixed-income securities are subject to the possibility that interest rates could rise
sharply, causing the value of the Fund&#146;s securities and share price to decline. Fixed-income securities with longer durations
are subject to more volatility than those with shorter durations.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333"><b>Investment
in Investment Vehicles Risk</b>&#160;&#150; Investing in other investment vehicles, including ETFs, closed-end funds and other
funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying
securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share
of the underlying vehicles&#146; expenses.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Investments
in Loans Risk</b>&#160;&#150; Investments in loans involve special types of risks, including credit risk, interest rate risk,
counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment
grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Leverage
Risk</b>&#160;&#150; The Fund&#146;s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund
to be more volatile than if it had not been leveraged.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Liquidity
and Valuation Risk</b>&#160;&#150; In certain circumstances, it may be difficult for the Fund to purchase and sell particular
investments within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes
of the Fund&#146;s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes
should be the price of the investment.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Management
Risk</b>&#160;&#150; The Fund is actively managed, which means that investment decisions are made based on investment views. There
is no guarantee that the investment views will be successful. Furthermore, active trading that can accompany active management,
also called &#147;high turnover,&#148; may have a negative impact on performance. Active trading may result in higher brokerage
costs or mark-up charges, which are ultimately passed on to shareholders of the Fund.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Market
Risk</b>&#160;&#150; The market value of the securities held by the Fund may fluctuate resulting from factors affecting the individual
company or other factors such as changing economic, political or financial market conditions.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Municipal
Securities Risk</b>&#160;&#150; Municipal securities can be affected by unfavorable legislative or political developments and
adverse changes in the financial conditions of state and municipal issuers or the federal government in case it provides financial
support to the municipality. Certain sectors of the municipal bond market have special risks that can affect them more significantly
than the market as a whole. Because many municipal instruments are issued to finance similar projects, conditions in these industries
can significantly affect the overall municipal market. Municipal securities that are insured by an insurer may be adversely affected
by developments relevant to that particular insurer, or more general developments relevant to the market as a whole.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Preferred
Securities Risk</b>&#160;&#150; A company&#146;s preferred stock generally pays dividends only after the company makes required
payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly
than bonds and other debt to actual or perceived changes in the company&#146;s financial condition or prospects.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Prepayment
Risk</b>&#160;&#150; Securities subject to prepayment risk generally offer less potential for gains when interest rates decline,
because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential
for income loss when interest rates rise.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Real
Estate Securities Risk</b>&#160;&#150; The Fund may invest in securities of real estate companies and companies related to the
real estate industry, including real estate investment trusts (&#147;REITs&#148;), which are subject to the same risks as direct
investments in real estate. The real estate industry is particularly sensitive to economic downturns.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Regulatory
and Legal Risk</b>&#160;&#150; U.S. and other regulators and governmental agencies may implement additional regulations and legislators
may pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation
applying to the Fund (such as regulations related to investments in derivatives). These may impact the investment strategies, performance,
costs and operations of the Fund or taxation of shareholders.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Repurchase
Agreement and Reverse Repurchase Agreement Risk</b>&#160;&#150; In the event of the insolvency of the counterparty to a repurchase
agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase
agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical
equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement
at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund&#146;s yield.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Restricted
Securities Risk</b>&#160;&#150; Restricted securities generally cannot be sold to the public and may involve a high degree of
business, financial and liquidity risk, which may result in substantial losses to the Fund.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Securities
Lending Risk</b>&#160;&#150; Securities lending involves a risk that the borrower may fail to return the securities or deliver
the proper amount of collateral, which may result in a loss to the Fund. In the event of bankruptcy of the borrower, the Fund could
experience losses or delays in recovering the loaned securities.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333"><b>Short
Sales Risk</b>&#160;&#150; Short selling a security involves selling a borrowed security with the expectation that the value of
that security will decline so that the security may be purchased at a lower price when returning the borrowed security. The risk
for loss on short selling is greater than the original value of the securities sold short because the price of the borrowed security
may rise, thereby increasing the price at which the security must be purchased. Government actions also may affect the Fund&#146;s
ability to engage in short selling.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Special
Situations/Securities in Default Risk</b>&#160;&#150; Investments in the securities and debt of distressed issuers or issuers
in default involves far greater risk than investing in issuers whose debt obligations are being met and whose debt trades at or
close to its &#147;par&#148; or full value because the investments are highly speculative with respect to the issuer&#146;s
ability to make interest payments and/or pay its principal obligations in full.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Tax
Risk</b>&#160;&#150; The Fund must derive at least 90% of its gross income from qualifying sources in order to qualify for favorable
tax treatment as a regulated investment company (&#147;RIC&#148;). This requirement will limit the ability of the Fund to invest
in commodities, derivatives on commodities, or other items that could result in nonqualifying income. Future guidance by the Internal
Revenue Service (&#147;IRS&#148;) could also limit the Fund&#146;s ability to gain exposure to commodities through commodity-linked
notes or other types of investments.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money.
The principal risks of investing in the Fund are listed below.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Asset-Backed
and Mortgage-Backed Securities Risk</b>&#160;&#150; Investors in asset-backed securities, including mortgage-backed securities,
generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which
the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures
that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they
are subject to liquidity risk.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Credit
Risk</b>&#160;&#150; The Fund could lose money if the issuer of a bond or a counterparty to a derivatives transaction or repurchase
agreement is unable to repay interest and principal on time or defaults. The issuer of a bond could also suffer a decrease in
quality rating, which would affect the volatility of the price and liquidity of the bond.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Derivatives
Risk</b>&#160;&#150; Derivatives may pose risks in addition to those associated with investing directly in securities or other
investments, including possible illiquidity of the derivative, limited ability to enter into or unwind a position, imperfect correlations
with underlying investments or the Fund&#146;s other portfolio holdings, leverage risk, lack of availability and the risk that
the counterparty may default on its obligations. If the Investment Manager is incorrect about its expectations of market conditions,
the use of derivatives could result in a loss, which in some cases may be unlimited.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Emerging
Markets Risk</b>&#160;&#150; Investments in emerging markets securities are generally subject to a greater level of those risks
associated with investing in foreign securities, as emerging markets are considered less developed and developing countries.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Foreign
Securities Risk</b>&#160;&#150; Foreign securities carry additional risks when compared to U.S. securities, including currency
fluctuations, adverse political and economic developments, unreliable or untimely information, less liquidity, limited legal recourse
and higher transactional costs.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>High
Yield and Unrated Securities Risk</b>&#160;&#150; Higher yielding, below investment grade and unrated high risk debt securities
may present additional risk because these securities may be less liquid and present more credit risk than investment grade bonds.
The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook
and to real or perceived adverse economic and competitive industry conditions.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Interest
Rate Risk</b>&#160;&#150; Investments in fixed-income securities are subject to the possibility that interest rates could rise
sharply, causing the value of the Fund&#146;s securities and share price to decline. Fixed-income securities with longer durations
are subject to more volatility than those with shorter durations.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Investment
in Investment Vehicles Risk</b>&#160;&#150; Investing in other investment vehicles, including closed-end funds, ETFs, and other
mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the
underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro
rata share of the underlying vehicles&#146; expenses.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Investments
in Loans Risk</b>&#160;&#150; Investments in loans involve special types of risks, including credit risk, interest rate risk,
counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment
grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Leverage
Risk</b>&#160;&#150; The Fund&#146;s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund
to be more volatile than if it had not been leveraged.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Liquidity
and Valuation Risk</b>&#160;&#150; In certain circumstances, it may be difficult for the Fund to purchase and sell particular
investments within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes
of the Fund&#146;s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes
should be the price of the investment.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Management
Risk&#160;</b>&#150; The Fund is actively managed, which means that investment decisions are made based on investment views.
There is no guarantee that the investment views will be successful. Furthermore, active trading that can accompany active management,
also called &#147;high turnover,&#148; may have a negative impact on performance. Active trading may result in higher brokerage
costs or mark-up charges, which are ultimately passed on to shareholders of the Fund.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Market
Risk</b>&#160;&#150; The market value of the securities held by the Fund may fluctuate as a result of factors affecting individual
companies or other factors such as changing economic, political or financial market conditions. Moreover, changing economic, political
or financial market conditions in one country or geographic region could adversely impact the market value of the securities held
by the Fund in a different country or geographic region.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Municipal
Securities Risk</b>&#160;&#150; Municipal securities can be affected by unfavorable legislative or political developments and
adverse changes in the financial conditions of state and municipal issuers or the federal government in case it provides financial
support to the municipality. Certain sectors of the municipal bond market have special risks that can affect them more significantly
than the market as a whole. Because many municipal instruments are issued to finance similar projects, conditions in these industries
can significantly affect the overall municipal market. Municipal securities that are insured by an insurer may be adversely affected
by developments relevant to that particular insurer, or more general developments relevant to the market as a whole.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Prepayment
Risk</b>&#160;&#150; Securities subject to prepayment risk generally offer less potential for gains when interest rates decline,
because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential
for income loss when interest rates rise.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Regulatory
and Legal Risk</b>&#160;&#150; U.S. and other regulators and governmental agencies may implement additional regulations and legislators
may pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or
taxation applying to the Fund (such as regulations related to investments in derivatives). These may impact the investment strategies,
performance, costs and operations of the Fund or taxation of shareholders.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Repurchase
Agreement and Reverse Repurchase Agreement Risk</b>&#160;&#150; In the event of the insolvency of the counterparty to a repurchase
agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase
agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the
practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase
agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund&#146;s yield.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Restricted
Securities Risk</b>&#160;&#150; Restricted securities generally cannot be sold to the public and may involve a high degree of
business and financial risk, which may result in substantial losses to the Fund.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Tender
Option Bonds Risk</b>&#160;&#150; Tender option bonds, residual interest tender option bonds and inverse floaters expose the
Fund to the same risks as investments in derivatives, as well as risks associated with leverage, especially the risk of increased
volatility. An investment in these securities typically will involve greater risk than an investment in a municipal fixed rate
security, including the risk of loss of principal. Because distributions on these securities will bear an inverse relationship
to short-term municipal security interest rates, distributions will be reduced or, in the extreme, eliminated as rates rise and
will increase when rates fall.</font></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money.
The principal risks of investing in the Fund are listed below.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Asset-Backed
and Mortgage-Backed Securities Risk</b>&#160;&#150; Investors in asset-backed securities, including mortgage-backed securities,
generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which
the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures
that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they
are subject to liquidity risk.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Convertible
Securities Risk</b>&#160;&#150; The value of convertible securities tends to decline as interest rates increase. Convertible
securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. The Fund could
lose money if the issuer of a convertible security is unable to meet its financial obligations or goes bankrupt.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Credit
Risk</b>&#160;&#150; The Fund could lose money if the issuer of a bond or a counterparty to a derivatives transaction or other
transaction is unable to repay interest and principal on time or defaults. The issuer of a bond could also suffer a decrease in
quality rating, which would affect the volatility of the price and liquidity of the bond.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Currency
Risk</b>&#160;&#150; The Fund&#146;s indirect and direct exposure to foreign currencies subjects the Fund to the risk that those
currencies will decline in value relative to the U.S.&#160;Dollar, which would cause a decline in the U.S. value of the holdings
of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons,
including changes in interest rates and the imposition of currency controls or other political, economic and tax developments
in the U.S. or abroad.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Derivatives
Risk</b>&#160;&#150; Derivatives may pose risks in addition to those associated with investing directly in securities or other
investments, including possible illiquidity of the derivative, limited ability to enter into or unwind a position, imperfect correlations
with underlying investments or the Fund&#146;s other portfolio holdings, leverage risk, lack of availability and the risk that
the counterparty may default on its obligations. If the Investment Manager is incorrect about its expectations of market conditions,
the use of derivatives could result in a loss, which in some cases may be unlimited.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Emerging
Markets Risk</b>&#160;&#150; Investments in emerging markets securities are generally subject to a greater level of those risks
associated with investing in foreign securities, as emerging markets are considered less developed and developing countries.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Foreign
Securities Risk</b>&#160;&#150; Foreign securities carry additional risks when compared to U.S. securities, including currency
fluctuations, adverse political and economic developments, unreliable or untimely information, less liquidity, limited legal recourse
and higher transactional costs.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>High
Yield and Unrated Securities Risk</b>&#160;&#150; Higher yielding, below investment grade and unrated high risk debt securities
may present additional risk because these securities may be less liquid and present more credit risk than investment grade bonds.
The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook
and to real or perceived adverse economic and competitive industry conditions.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Interest
Rate Risk</b>&#160;&#150; Investments in fixed-income securities are subject to the possibility that interest rates could rise
sharply, causing the value of the Fund&#146;s securities and share price to decline. Fixed-income securities with longer durations
are subject to more volatility than those with shorter durations.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Investment
in Investment Vehicles Risk</b>&#160;&#150; Investing in other investment vehicles, including closed-end funds ETFs and other
mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the
underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro
rata share of the underlying vehicles&#146; expenses.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Investments
in Loans Risk</b>&#160;&#150; Investments in loans involve special types of risks, including credit risk, interest rate risk,
counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment
grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Leverage
Risk</b>&#160;&#150; The Fund&#146;s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund
to be more volatile than if it had not been leveraged.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Liquidity
and Valuation Risk</b>&#160;&#150; In certain circumstances, it may be difficult for the Fund to purchase and sell particular
investments within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes
of the Fund&#146;s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes
should be the price of the investment.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Management
Risk</b>&#160;&#150; The Fund is actively managed, which means that investment decisions are made based on investment views.
There is no guarantee that the investment views will be successful. Furthermore, active trading that can accompany active management,
also called &#147;high turnover,&#148; may have a negative impact on performance. Active trading may result in higher brokerage
costs or mark-up charges, which are ultimately passed on to shareholders of the Fund.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Market
Risk</b>&#160;&#150; The market value of the securities held by the Fund may fluctuate resulting from factors affecting the individual
company or other factors such as changing economic, political or financial market conditions.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Municipal
Securities Risk</b>&#160;&#150; Municipal securities can be affected by unfavorable legislative or political developments and
adverse changes in the financial conditions of state and municipal issuers or the federal government in case it provides financial
support to the municipality. Certain sectors of the municipal bond market have special risks that can affect them more significantly
than the market as a whole. Because many municipal instruments are issued to finance similar projects, conditions in these industries
can significantly affect the overall municipal market. Municipal securities that are insured by an insurer may be adversely affected
by developments relevant to that particular insurer, or more general developments relevant to the market as a whole.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Preferred
Securities Risk</b>&#160;&#150; A company&#146;s preferred stock generally pays dividends only after the company makes required
payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly
than bonds and other debt to actual or perceived changes in the company&#146;s financial condition or prospects.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Prepayment
Risk</b>&#160;&#150; Securities subject to prepayment risk generally offer less potential for gains when interest rates decline,
because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential
for income loss when interest rates rise.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Real
Estate Securities Risk</b>&#160;&#150; The Fund may invest in securities of real estate companies and companies related to the
real estate industry, including real estate investment trusts (&#147;REITs&#148;), which are subject to the same risks as direct
investments in real estate. The real estate industry is particularly sensitive to economic downturns.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Regulatory
and Legal Risk</b>&#160;&#150; U.S. and other regulators and governmental agencies may implement additional regulations and legislators
may pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or
taxation applying to the Fund (such as regulations related to investments in derivatives). These may impact the investment strategies,
performance, costs and operations of the Fund or taxation of shareholders.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Repurchase
Agreement and Reverse Repurchase Agreement Risk</b>&#160;&#150; In the event of the insolvency of the counterparty to a repurchase
agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase
agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the
practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase
agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund&#146;s yield.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Restricted
Securities Risk</b>&#160;&#150; Restricted securities generally cannot be sold to the public and may involve a high degree of
business, financial and liquidity risk, which may result in substantial losses to the Fund.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; word-spacing: 0px; background-color: white; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>To
Be Announced (&#147;TBA&#148;) Transactions Risk</b>. The Fund may enter into &#147;To Be Announced&#148; (&#147;TBA&#148;)
transactions to purchase mortgage-backed securities for a fixed price at a future date. TBA purchase commitments involve a risk
of loss if the value of the security to be purchased declines prior to settlement date or if the counterparty may not deliver
the securities as promised.</font>&#160;</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>PERFORMANCE
INFORMATION</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>PERFORMANCE
INFORMATION</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>PERFORMANCE
INFORMATION</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>PERFORMANCE
INFORMATION</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>PERFORMANCE
INFORMATION</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>PERFORMANCE
INFORMATION</b></p><p style="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">The
following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s
Class&#160;A share performance from year to year and by showing how the Fund&#146;s average annual returns for the one year and
since inception periods have compared to those of a broad measure of market performance. As with all mutual funds, past performance
(before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information
is available on the Fund&#146;s website at www.guggenheiminvestments.com or by calling 1-800-820-0888.</font></p>
<p style="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">The
bar chart does not reflect the impact of the sales charge applicable to Class&#160;A shares which, if reflected, would lower the
returns shown.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The following
chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class A share
performance from year to year and by showing how the Fund&#146;s average annual returns for one, five, and ten years have compared
to those of a broad measure of market performance. As with all mutual funds, past performance (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future. Updated performance information is available on the Fund&#146;s website
at www.guggenheiminvestments.com or by calling 1-800-820-0888.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s
Class A share performance from year to year and by showing how the Fund&#146;s average annual returns for one, five, and ten years
have compared to those of a broad measure of market performance. As of the date of this Prospectus, Institutional Class Shares
of the Fund had not yet completed a full calendar year. The Barclays Intermediate U.S. Government/Credit Index served as the Fund&#146;s
benchmark index prior to January 28, 2013. Effective January 28, 2013, the Fund changed its name and principal investment strategy.
As a result of the change in investment strategy, the Fund changed its benchmark to the Barclays U.S. Aggregate Index. As with
all mutual funds, past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the
future. Updated performance information is available on the Fund&#146;s website at www.rydex-sgi.com or by calling 1-800-820-0888.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s
Class A share performance from year to year and by showing how the Fund&#146;s average annual returns for the one year and since
inception periods have compared to those of a broad measure of market performance. As with all mutual funds, past performance (before
and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is
available on the Fund&#146;s website at www.rydex-sgi.com or by calling 1-800-820-0888.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s
Class A share performance from year to year and by showing how the Fund&#146;s average annual returns for the one year, five years
and since inception periods have compared to those of a broad measure of market performance. As with all mutual funds, past performance
(before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information
is available on the Fund&#146;s website at www.guggenheiminvestments.com or by calling 1-800-820-0888.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The following
chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class A share
performance from year to year and by showing how the Fund&#146;s average annual returns for the one year and since inception periods
have compared to those of a broad measure of market performance. As with all mutual funds, past performance (before and after taxes)
is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the
Fund&#146;s website at www.guggenheiminvestments.com or by calling 1-800-820-0888.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333">The
bar chart does not reflect the impact of the sales charge applicable to Class&#160;A shares which, if reflected, would lower the
returns shown.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333">The
bar chart does not reflect the impact of the sales charge applicable to Class&#160;A shares which, if reflected, would lower the
returns shown.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
bar chart does not reflect the impact of the sales charge applicable to Class&#160;A shares which, if reflected, would lower the
returns shown.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
bar chart does not reflect the impact of the sales charge applicable to Class&#160;A shares which, if reflected, would lower the
returns shown.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">On
January&#160;13, 2012, the Fund acquired the assets and assumed the liabilities of TS&#38;W/Claymore Tax-Advantaged Balanced Fund
(the &#147;Predecessor Fund&#148;), a closed-end fund which used different investment strategies and had different investment
advisers (the &#147;Reorganization&#148;). Class&#160;A shares of the Fund have assumed the performance, financial and other
historical information of the Predecessor Fund&#146;s Common Shares. Returns are based on the net asset value of fund shares.
The performance of Class&#160;A shares of the Fund reflects the performance of the Predecessor Fund. Performance has not been restated
to reflect the estimated annual operating expenses of Class&#160;A shares. The bar chart also does not reflect the impact of the
sales charge applicable to Class&#160;A shares which, if reflected, would lower the returns shown.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333">The
bar chart does not reflect the impact of the sales charge applicable to Class&#160;A shares which, if reflected, would lower the
returns shown.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white; text-align: center">&#160;</p>
<table cellspacing="0" cellpadding="0" style="width: 100%; background-color: white; border-collapse: collapse">
<tr>
<td style="width: 51%; text-align: center">&#160;</td>
<td style="vertical-align: bottom; width: 2%; text-align: center">&#160;</td>
<td style="width: 47%; text-align: center">&#160;</td></tr>
<tr>
<td style="vertical-align: top; text-align: center">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #333333; text-align: center">Highest Quarter
Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.75pt; color: #333333; text-align: center">1Q 2012
4.58%</p></td>
<td style="vertical-align: bottom; font: 8pt/115% Times New Roman, Times, Serif; text-align: center">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: center">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: #333333">Lowest Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.75pt; text-align: center; color: #333333">2Q 2012 0.68%</p></td></tr>
</table><table cellspacing="0" cellpadding="0" style="width: 100%; background-color: white; border-collapse: collapse">
<tr>
<td style="vertical-align: top; text-align: center">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: #333333">Highest
Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.75pt; text-align: center; color: #333333">2Q
2009 32.56%</p></td>
<td style="vertical-align: bottom; font: 8pt/115% Times New Roman, Times, Serif; text-align: center">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: center">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: #333333">Lowest Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.75pt; text-align: center; color: #333333">4Q 2008 -22.27%</p></td></tr>
</table><table cellspacing="0" cellpadding="0" style="width: 100%; background-color: white; border-collapse: collapse">
<tr>
<td style="vertical-align: top; text-align: center">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: #333333">Highest
Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.75pt; text-align: center; color: #333333">3Q
2009 4.63%</p></td>
<td style="vertical-align: bottom; font: 8pt/115% Times New Roman, Times, Serif; text-align: center">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: center">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: #333333">Lowest Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.75pt; text-align: center; color: #333333">4Q 2008 -6.90%</p></td></tr>
</table><table cellspacing="0" cellpadding="0" style="width: 100%; background-color: white; border-collapse: collapse">
<tr>
<td style="vertical-align: top; text-align: center">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: #333333">Highest
Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.75pt; text-align: center; color: #333333">3Q
2012 5.20%</p></td>
<td style="vertical-align: bottom; font: 8pt/115% Times New Roman, Times, Serif; text-align: center">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: center">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: #333333">Lowest Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.75pt; text-align: center; color: #333333">2Q 2012 0.51%</p></td></tr>
</table><table cellspacing="0" cellpadding="0" style="width: 100%; background-color: white; border-collapse: collapse">
<tr>
<td style="vertical-align: top">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: justify; text-indent: -12pt; color: #333333">Highest
Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0.75pt 12pt; text-align: justify; text-indent: -12pt; color: #333333">3Q
2009 22.36%</p></td>
<td style="vertical-align: bottom; font: 8pt/115% Times New Roman, Times, Serif; text-align: justify">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">Lowest Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: justify; color: #333333">4Q 2008 -21.06%</p></td></tr>
</table><table cellspacing="0" cellpadding="0" style="width: 100%; background-color: white; border-collapse: collapse">
<tr>
<td style="vertical-align: top; text-align: center">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: #333333">Highest
Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.75pt; text-align: center; color: #333333">3Q
2012 3.94%</p></td>
<td style="vertical-align: bottom; font: 8pt/115% Times New Roman, Times, Serif; text-align: center">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: center">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: #333333">Lowest Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.75pt; text-align: center; color: #333333">4Q 2008 1.64%</p></td></tr>
</table><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>AVERAGE
ANNUAL TOTAL RETURNS</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>(For the
periods ended December&#160;31, 2012)</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>AVERAGE
ANNUAL TOTAL RETURNS</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>(For the
periods ended December&#160;31, 2012)</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>AVERAGE
ANNUAL TOTAL RETURNS</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>(For the
periods ended December&#160;31, 2012)</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>AVERAGE
ANNUAL TOTAL RETURNS</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>(For the
periods ended December&#160;31, 2012)</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>AVERAGE
ANNUAL TOTAL RETURNS</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>(For the
periods ended December&#160;31, 2012)</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>AVERAGE
ANNUAL TOTAL RETURNS</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>(For the
periods ended December&#160;31, 2012)</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; background-color: white; color: #333333; text-align: justify">After-tax
returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not
reflect the impact of any state or local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ
from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts (&#147;IRAs&#148;). After-tax returns are shown for Class&#160;A only.
After-tax returns for Class C and Institutional Class will vary.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">After-tax
returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not
reflect the impact of any state or local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ
from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class&#160;A only. After-tax returns for
Class B, C and Institutional Class will vary.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">After-tax
returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not
reflect the impact of any state or local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ
from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts (&#147;IRAs&#148;). After-tax returns are shown for Class&#160;A only.
After-tax returns for Class B and C will vary.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">No
information is shown for Institutional Class shares because these shares do not have a full year of calendar performance. Performance
information for these shares will appear in a future version of the prospectus once there is a full calendar year of performance
information to report.</p>
<p></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white; color: #333333">After-tax
returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not
reflect the impact of any state or local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ
from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts (&#147;IRAs&#148;). After-tax returns are shown for Class&#160;A only.
After-tax returns for Class C and Institutional Class will vary.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">After-tax
returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not
reflect the impact of any state or local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ
from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts (&#147;IRAs&#148;). After-tax returns are shown for Class&#160;A only.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; color: #333333"><font style="background-color: white">No
information is shown for Class C and Institutional Class shares because these shares do not have a full year of calendar performance.
Performance information for these shares will appear in a future version of the prospectus once there is a full calendar year
of performance information to report.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">After-tax
returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not
reflect the impact of any state or local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ
from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts (&#147;IRAs&#148;). After-tax returns are shown for Class&#160;A only.
After-tax returns for Class C and Institutional Class will vary.</p>0.00000.010.00000.00000.050.010.00000.00000.050.010.00000.00000.010.00000.00000.010.00000.00000.010.00000.04750.00000.00000.04750.00000.00000.00000.04750.00000.00000.00000.04750.00000.00000.04750.00000.00000.04750.00000.0000-0.020.0000-0.02-0.020.01060.01800.00800.01170.01920.01920.00920.01000.01750.01750.00750.01380.02120.01070.00800.01550.00550.00900.01650.0052-0.0033-0.0026-0.0019-0.0027-0.0070-0.0027-0.0019-0.0015-0.0037-0.0017-0.0012-0.0024-0.0020-0.0025-0.0028-0.0039-0.0031-0.0061-0.0059-0.00470.01390.02060.00990.01440.02620.02190.01110.01150.02120.01920.00870.01620.02320.01320.01080.01940.00860.01510.02240.00990.00470.00380.00320.00580.01010.00580.00500.00370.00320.00310.00730.00700.00470.00020.00030.00020.00010.00010.00010.00010.00100.00100.00110.00030.00040.00020.00010.00010.00010.00250.010000.00250.01000.010000.00250.01000.01000.00000.00250.01000.00000.00250.01000.00000.00250.01000.00000.00650.00650.00650.00600.00600.00600.00600.00500.00500.00500.00500.00890.00890.00890.00500.00500.00500.00500.00500.0050203723691196209526132503133517932174222910612286264115681706223310322141252911701169108552912001528115059310641305102147012931222700101610114461204114650186362129688410846593348099285872669407053947765712438726442685782838258969529594572678278776093151095532585656226853203723691196209526132503133517932174222910612286264115681706223310322141252911701169108552912001328115059310641105102147012931222700101610114461204114650186362129688474865933480962858726694070539477657124387264426857818382589195195945721781787760921510955315856562168530.11420.1690.06300.14360.1256-0.0350.06900.0960.1490.06100.12030.7050.10600.4134-0.311-0.1130-0.37970.0180.0240-0.0360.1030.03600.1550.0330.01500.06020.110.03400.21700.02700.05490.03690.03610.09550.10600.08550.05750.05690.08890.08280.00000.08370.06390.05940.12550.13770.04660.02410.02650.07330.05650.05230.11450.12650.09190.10620.00100.06110.04930.06140.04210.03940.09630.11640.11260.07710.07460.1220.15080.1720.01270.00320.00810.00770.04810.08920.06840.05730.12570.14760.04770.04770.04160.07220.05480.04640.10730.12910.09420.15810.04210.03880.00110.11260.04210.07720.04520.04690.0880.080.10910.02450.01270.01370.02330.02730.02440.00270.00760.10340.05950.05180.06360.02590.01210.01370.02480.02360.05180.0462<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; background-color: white; color: #333333; text-align: justify">You may
qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Family
of Funds, as defined on page 53 of the Fund&#146;s prospectus. More information about these and other discounts is available from
your financial professional and in the &#147;Sales Charge &#150; Class A Shares&#148; section on page 53 of the Fund&#146;s
prospectus and the &#147;How to Purchase Shares&#148; section on page 48 of the Fund&#146;s Statement of Additional Information.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">You
may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the
Family of Funds, as defined on page 53 of the Fund&#146;s prospectus. More information about these and other discounts is available
from your financial professional and in the &#147;Sales Charge &#150; Class A Shares&#148; section on page 53 of the Fund&#146;s
prospectus and the &#147;How to Purchase Shares&#148; section on page 48 of the Fund&#146;s Statement of Additional Information.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">You
may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the
Family of Funds, as defined on page 53 of the Fund&#146;s prospectus. More information about these and other discounts is available
from your financial professional and in the &#147;Sales Charge&#151;Class A Shares&#148; section on page 53 of the Fund&#146;s
prospectus and the &#147;How to Purchase Shares&#148; section on page 48 of the Fund&#146;s Statement of Additional Information.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">You
may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the
Family of Funds, as defined on page 53 of the Fund&#146;s prospectus. More information about these and other discounts is available
from your financial professional and in the &#147;Sales Charge &#150; Class A Shares&#148; section on page 53 of the Fund&#146;s
prospectus and the &#147;How to Purchase Shares&#148; section on page 48 of the Fund&#146;s Statement of Additional Information.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">You
may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the
Family of Funds, as defined on page 53 of the Fund&#146;s prospectus. More information about these and other discounts is available
from your financial professional and in the &#147;Sales Charge &#150; Class A Shares&#148; section on page 53 of the Fund&#146;s
prospectus and the &#147;How to Purchase Shares&#148; section on page 48 of the Fund&#146;s Statement of Additional Information.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">You
may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the
Family of Funds, as defined on page 53 of the Fund&#146;s prospectus. More information about these and other discounts is available
from your financial professional and in the &#147;Sales Charge &#150; Class A Shares&#148; section on page 53 of the Fund&#146;s
prospectus and the &#147;How to Purchase Shares&#148; section on page 48 of the Fund&#146;s Statement of Additional Information.</p>5000050000500005000050000500000.610.550.520.461.210.69<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">February&#160;1, 2014</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">February&#160;1, 2014</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">February&#160;1, 2014</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">February&#160;1, 2014</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The Fund will normally invest
at least 80% of its assets (net assets, plus the amount of any borrowing for investment purposes) in floating rate senior secured
syndicated bank loans, floating rate revolving credit facilities (&#147;revolvers&#148;), floating rate unsecured loans, floating
rate asset backed securities (including floating rate collateralized loan obligations (&#147;CLOs&#148;)), other floating rate
bonds, loans, notes and other securities (which may include, principally, senior secured, senior unsecured and subordinated bonds),
fixed income instruments with respect to which the Fund has entered into derivative instruments to effectively convert the fixed
rate interest payments into floating rate income payments, and derivative instruments that provide exposure to floating rate or
variable rate loans, obligations or other securities.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The Fund pursues its objective by investing at least
80% of its assets (net assets, plus the amount of any borrowing for investment purposes), under normal market conditions, in a
broad range of high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized
statistical rating organization or, if unrated, determined by Security Investors, LLC, also known as Guggenheim Investments (the
&#147;Investment Manager&#148;), to be of comparable quality (also known as &#147;junk bonds&#148;). If nationally recognized
statistical rating organizations assign different ratings to the same security, the Fund will use the higher rating for purposes
of determining the security&#146;s credit quality.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In pursuit of its objective, the Fund will invest,
under normal market conditions, at least 80% of its assets (net assets, plus the amount of any borrowing for investment purposes)
in investment grade fixed-income securities (i.e., rated in the top four long-term rating categories by a nationally recognized
statistical rating organization or, if unrated, determined by Security Investors, LLC, also known as Guggenheim Investments (the
&#147;Investment Manager&#148;), to be of comparable quality).</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund will seek to achieve its investment objective by investing in a wide range of fixed income and other debt and equity securities
selected from a variety of sectors and credit qualities, principally, corporate bonds, participations in and assignments of syndicated
bank loans, asset-backed securities (including mortgage-backed securities and structured finance investments), U.S. government
and agency securities (including those not backed by the full faith and credit of the U.S. government), mezzanine and preferred
securities, commercial paper, zero-coupon bonds, municipal securities, non-registered or restricted securities (consisting of securities
originally issued in reliance on Rule 144A and Regulation S), step-up securities (such as step-up bonds) and convertible securities,
and in common stocks and other equity investments that Guggenheim Investments, the Fund&#146;s Investment Manager, believes offer
attractive yield and/or capital appreciation potential. The Investment Manager may employ a strategy of writing (selling) covered
call and put options on such equity securities.</p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In pursuit of its objective, the Fund will invest,
under normal market conditions, at least 80% of its assets (net assets, plus the amount of any borrowing for investment purposes)
in a diversified portfolio of municipal securities whose interest is free from federal income tax. This investment strategy may
not be changed without shareholder approval. Interest from the Fund&#146;s investments may be subject to the federal alternative
minimum tax. The Fund may invest up to 20% of its assets in securities the interest on which is subject to federal income taxation,
including, among others, corporate bonds and other corporate debt securities, taxable municipal securities (which include Build
America Bonds and Qualified School Construction Bonds), mortgage-backed and asset backed securities, repurchase and reverse repurchase
agreements, syndicated bank loans and securities issued by the U.S. government or its agencies and instrumentalities (including
those not backed by the full faith and credit of the U.S. government).</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The Fund intends to pursue its investment objective
by investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in debt securities.
Such debt securities may include, corporate bonds and other corporate debt securities, securities issued by the U.S. government
or its agencies and instrumentalities (including those not backed by the full faith and credit of the U.S. government), mortgage-backed
and asset-backed securities, participations in and assignments of bank and bridge loans, zero-coupon bonds, municipal bonds, payment-in-kind
securities (such as payment-in-kind bonds), convertible fixed-income securities, non-registered or restricted securities (including
those issued in reliance on Rule 144A and Regulation S securities) and step-up securities (such as step-up bonds).</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in
the Fund will fluctuate and is subject to investment risks, which means investors could lose money</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will fluctuate
and is subject to investment risks, which means investors could lose money</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will fluctuate
and is subject to investment risks, which means investors could lose money</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will fluctuate
and is subject to investment risks, which means investors could lose money</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will fluctuate
and is subject to investment risks, which means investors could lose money</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will fluctuate
and is subject to investment risks, which means investors could lose money</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table
provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance
from year to year and by showing how the Fund&#146;s average annual returns for the one year and since inception periods have
compared to those of a broad measure of market performance.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table provide some indication
of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance from year to year
and by showing how the Fund&#146;s average annual returns for one, five, and ten years have compared to those of a broad measure
of market performance.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table provide some indication
of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance from year to year
and by showing how the Fund&#146;s average annual returns for one, five, and ten years have compared to those of a broad measure
of market performance.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table provide some indication
of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance from year to year
and by showing how the Fund&#146;s average annual returns for one, five, and ten years have compared to those of a broad measure
of market performance.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table provide some indication
of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance from year to year
and by showing how the Fund&#146;s average annual returns for one, five, and ten years have compared to those of a broad measure
of market performance.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table provide some indication
of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance from year to year
and by showing how the Fund&#146;s average annual returns for one, five, and ten years have compared to those of a broad measure
of market performance.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As with all mutual funds, past
performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">As with all mutual funds, past performance (before
and after taxes) is not necessarily an indication of how the Fund will perform in the future.</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">As with all mutual funds, past performance (before
and after taxes) is not necessarily an indication of how the Fund will perform in the future.</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">As with all mutual funds, past performance (before
and after taxes) is not necessarily an indication of how the Fund will perform in the future.</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">As with all mutual funds, past performance (before
and after taxes) is not necessarily an indication of how the Fund will perform in the future.</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">As with all mutual funds, past performance (before
and after taxes) is not necessarily an indication of how the Fund will perform in the future.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">www.guggenheiminvestments.com</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">www.guggenheiminvestments.com</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">www.rydex-sgi.com</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">www.rydex-sgi.com</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">www.guggenheiminvestments.com</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">www.guggenheiminvestments.com</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">1-800-820-0888.</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">1-800-820-0888.</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">1-800-820-0888</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">1-800-820-0888</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">1-800-820-0888</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">1-800-820-0888</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">After-tax returns shown in the
table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of
any state or local taxes.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">After-tax returns shown in the
table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of
any state or local taxes.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">After-tax returns shown in the
table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of
any state or local taxes.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">After-tax returns shown in the
table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of
any state or local taxes.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">After-tax returns shown in the
table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of
any state or local taxes.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">After-tax returns shown in the
table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of
any state or local taxes.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Actual after-tax returns depend
on an investor&#146;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who
hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#147;IRAs&#148;).</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Actual after-tax returns depend
on an investor&#146;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who
hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#147;IRAs&#148;).</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Actual after-tax returns depend
on an investor&#146;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who
hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#147;IRAs&#148;).</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Actual after-tax returns depend
on an investor&#146;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who
hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#147;IRAs&#148;).</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Actual after-tax returns depend
on an investor&#146;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who
hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#147;IRAs&#148;).</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Actual after-tax returns depend
on an investor&#146;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who
hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#147;IRAs&#148;).</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">After-tax
returns are shown for Class&#160;A only. After-tax returns for Class C and Institutional Class will vary.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">After-tax
returns are shown for Class&#160;A only. After-tax returns for Class C and Institutional Class will vary.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">After-tax
returns are shown for Class&#160;A only. After-tax returns for Class C and Institutional Class will vary.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">After-tax
returns are shown for Class&#160;A only. After-tax returns for Class C and Institutional Class will vary.</p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">After-tax returns are shown for Class&#160;A only.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">After-tax
returns are shown for Class&#160;A only. After-tax returns for Class C and Institutional Class will vary.</p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees, expenses or taxes</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees, expenses or taxes</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees, expenses or taxes</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees, expenses or taxes</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees, expenses or taxes</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees, expenses or taxes</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Highest Quarter Return</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Highest Quarter Return</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Highest Quarter Return</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Highest Quarter Return</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Highest Quarter Return</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Highest Quarter Return</font></p>2012-03-312009-06-312009-09-302012-09-302009-09-302012-09-300.04580.32560.04630.05200.22360.0394<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Lowest Quarter Return</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Lowest Quarter Return</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Lowest Quarter Return</font></p><p style="margin: 0"><font style="font: 8pt 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<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Class
A Return Before Taxes</font></p><p style="font: 8.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font-family: Times New Roman, Times, Serif; background-color: white">Class
A Return After Taxes on Distributions</font></p><p style="margin: 0pt; text-align: justify"></p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Class
A Return After Taxes on Distributions and Sale of Fund Shares</font></p><p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Class
C Return Before Taxes</font></p><p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Institutional
Class<font style="color: #333333; line-height: 115%; background-color: white"><b> </b></font>Return Before Taxes</font></p><p style="margin: 0pt"></p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Class
A Return Before Taxes</font></p><p style="font: 8.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font-family: Times New Roman, Times, Serif; background-color: white">Class
A Return After Taxes on Distributions</font></p><p style="margin: 0pt; text-align: justify"></p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Class
A Return After Taxes on Distributions and Sale of Fund Shares</font></p><font style="font: 8pt Times New Roman, Times, Serif">Class
B Return Before Taxes</font><p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Class
C Return Before Taxes</font></p><p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Institutional
Class<font style="color: #333333; line-height: 115%; background-color: white"><b> </b></font>Return Before Taxes</font></p><p style="margin: 0pt"></p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Class
A Return Before Taxes</font></p><p style="font: 8.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font-family: Times New Roman, Times, Serif; background-color: white">Class
A Return After Taxes on Distributions</font></p><p style="margin: 0pt; text-align: justify"></p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Class
A Return After Taxes on Distributions and Sale of Fund Shares</font></p><font style="font: 8pt Times New Roman, Times, Serif">Class
B Return Before Taxes</font><p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Class
C Return Before Taxes</font></p><p style="margin: 0pt"></p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Class
A Return Before Taxes</font></p><p style="font: 8.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font-family: Times New Roman, Times, Serif; background-color: white">Class
A Return After Taxes on Distributions</font></p><p style="margin: 0pt; text-align: justify"></p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Class
A Return After Taxes on Distributions and Sale of Fund Shares</font></p><p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Class
C Return Before Taxes</font></p><p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Institutional
Class<font style="color: #333333; line-height: 115%; background-color: white"><b> </b></font>Return Before Taxes</font></p><p style="margin: 0pt"></p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Class
A Return Before Taxes</font></p><p style="font: 8.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font-family: Times New Roman, Times, Serif; background-color: white">Class
A Return After Taxes on Distributions</font></p><p style="margin: 0pt; text-align: justify"></p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Class
A Return After Taxes on Distributions and Sale of Fund Shares</font></p><p style="margin: 0pt"></p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Class
A Return Before Taxes</font></p><p style="font: 8.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font-family: Times New Roman, Times, Serif; background-color: white">Class
A Return After Taxes on Distributions</font></p><p style="margin: 0pt; text-align: justify"></p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Class
A Return After Taxes on Distributions and Sale of Fund Shares</font></p><p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Class
C Return Before Taxes</font></p><p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Institutional
Class<font style="color: #333333; line-height: 115%; background-color: white"><b> </b></font>Return Before Taxes</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Credit Suisse Leverage Loan Index&#160;<font style="word-spacing: 0px"><i>(reflects
no deductions for fees, expenses or taxes)</i></font></font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Barclays Corporate High Yield Index&#160;<i>(reflects
no deductions for fees, expenses or taxes)</i></font></p><p style="margin: 0"><font style="font-size: 8pt">Barclays U.S. Aggregate Index&#160;<i>(reflects no deductions for fees, expenses
or taxes)</i></font></p><p style="margin: 0"><font style="font-size: 8pt">Barclays Intermediate U.S. Government/Credit Index&#160;<i>(reflects no deductions
for fees, expenses or&#160;taxes)</i></font></p><p style="margin: 0"><font style="font-size: 8pt">Bank of America Merrill Lynch 3-Month Treasury Bill Index<i>&#160;(reflects
no deductions for fees, expenses or taxes)</i></font></p><p style="margin: 0"><font style="font-size: 8pt">Barclays U.S. Municipal Long Bond Index&#160;<i>(reflects no deductions for
fees, expenses or taxes)</i></font></p><p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Barclays
U.S. Aggregate Index (reflects no deductions for fees, expenses or taxes)</font></p>-0.2227-0.06900.0051-0.21060.01640.00490.00410.00340.00590.01020.00590.00510.00400.00620.00420.00370.00470.00420.00420.00330.00440.00360.00760.00740.0049Expense information has been restated to reflect current fees.The Investment Manager has contractually agreed through May 1, 2014 to waive fees and/or reimburse Fund expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees, but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) ('Operating Expenses') of the Fund to the annual percentage of average daily net assets for each class of shares as follows: Class A - 1.16%, Class B - 1.91%, Class C - 1.91% and Institutional Class - 0.91%. The Fund may have 'Total annual fund operating expenses after fee waiver' greater than the expense cap as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. The Investment Manager is entitled to reimbursement by the Fund of fees waived or expenses reimbursed during any of the previous 36 months beginning on the date of the expense limitation agreement. The agreement will expire when it reaches its termination or when the investment adviser ceases to serve as such (subject to recoupment rights) and it can be terminated by the Fund's Board of Directors, subject to the recoupment rights of the Investment Manager.The Investment Manager has contractually agreed through May 1, 2014 to waive fees and or reimburse Fund expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees, but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) ('Operating Expenses') of the Fund to the annual percentage of average daily net assets for each class of shares as follows: Class A - 1.00%, Class B - 1.75%, Class C - 1.75% and Institutional Class - 0.75%. The Fund may have 'Total annual fund operating expenses after fee waiver' greater than the expense cap as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. The Investment Manager is entitled to reimbursement by the Fund of fees waived or expenses reimbursed during any of the previous 36 months beginning on the date of the expense limitation agreement. The agreement will expire when it reaches its termination or when the Investment Manager ceases to serve as such (subject to recoupment rights) and it can be terminated by the Funds Board of Directors, subject to the recoupment rights of the Investment Manager.The Investment Manager has contractually agreed through February 1, 2014 to waive fees to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees, but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) ('Operating Expenses') of the Fund to the annual percentage of average daily net assets for each class of shares as follows: Class A - 1.36%, Class C - 2.11% and Institutional Class - 0.95%. The Fund may have 'Total annual fund operating expenses after fee waiver' greater than the expense cap as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. The Investment Manager is entitled to reimbursement by the Fund of fees waived during any of the previous 36 months beginning on the date of the expense limitation agreement. The agreement will expire when it reaches its termination or when the investment adviser ceases to serve as such (subject to recoupment rights) and it can be terminated by the Fund's Board of Directors, subject to the recoupment rights of the Investment Manager.The Investment Manager has contractually agreed through February 1, 2014 to waive fees and or reimburse Fund expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees, but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) ('Operating Expenses') of the Fund to an annual percentage of average daily net assets for each class of shares as follows: Class A - 0.80%; Class C - 1.55%; and Institutional Class - 0.55%. The Fund may have 'Total annual fund operating expenses after fee waiver' greater than the expense cap as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. The Investment Manager is entitled to reimbursement by the Fund of fees waived or expenses reimbursed during any of the previous 36 months beginning on the date of the expense limitation agreement. The agreement will expire, if it is not renewed, when it reaches its termination (subject to recoupment rights) or when Security Investors ceases to serve as the investment manager.The Investment Manager has contractually agreed through February 1, 2014 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees, but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) ('Operating Expenses') of the Fund to the annual percentage of average daily net assets for each class of shares as follows: Class A - 0.90%, Class C - 1.65% and Institutional Class - 0.50%. The Fund may have 'Total annual fund operating expenses after fee waiver' greater than the expense cap as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. The Investment Manager is entitled to reimbursement by the Fund of fees waived or expenses reimbursed during any of the previous 36 months beginning on the date of the expense limitation agreement. The agreement will expire when it reaches its termination or when the investment adviser ceases to serve as such (subject to recoupment rights) and it can be terminated by the Funds Board of Directors, subject to the recoupment rights of the Investment Manager.Since inception of 4/28/2004.The Investment Manager has contractually agreed through February 1, 2014 to waive fees to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees, but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) ('Operating Expenses') of the Fund to the annual percentage of average daily net assets for each class of shares as follows: Class A - 1.02%, Class C - 1.77% and Institutional Class - 0.78%. The Fund may have 'Total annual fund operating expenses after fee waiver' greater than the expense cap as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. The Investment Manager is entitled to reimbursement by the Fund of fees waived during any of the previous 36 months beginning on the date of the expense limitation agreement. The agreement will expire when it reaches its termination or when the investment adviser ceases to serve as such (subject to recoupment rights) and it can be terminated by the Funds Board of Directors, subject to the recoupment rights of the Investment Manager.